Homebuying is always a stressful time. No couple or family wants a mishap with their hard earned monies before seeking an approval for the loan they desire so much. New mortgage rules meant to protect consumers from bad lending practices may have another impact – forcing home buyers to get their financial house in order. Borrowers’ income,…
There may be uncertainty in the future for our country’s real estate market, but young Canadians are undeterred and remain optimistic about the prospect of buying a home. Nearly 1 in 5 Canadians aged 18-34 say the pandemic has accelerated their plans to purchase a home or investment property, according to a recent Scotiabank survey. The…
The Bank of Canada is ending one of its emergency measures to stimulate the COVID-19 economy, leading to speculation that the era of record-low mortgage rates could be ending, too. What’s more likely, mortgage experts say, is that the central bank’s decision to stop buying Canada Mortgage Bonds on Oct. 26 will usher in a…
Mortgage default insurance, also known as “mortgage insurance” helps Canadian buy a home sooner and with a lower down payment. It protects lenders against any loss caused by unpaid payments, or a property sale that does not generate enough money to pay the outstanding balance. According to The Financial Post, starting May 30th, 2014, Canada Mortgage and Housing…
Mortgage can bring a hurricane of questions and troubles for home buyers. The Globe and Mail recently put up the question of “Should you get pre-approved for a mortgage?” Let’s break everything down and take a look. You’ll get an idea about the price range you should aim for during your househunting. By knowing how…
