In the news … Rate Increases and Affordability

General 16 Jan

Last week’s fixed-rate interest hikes at major banks—as well as the likely Bank of Canada prime increase on Wednesday—could spell bad news for Vancouver house hunters. Tim Hill, a mortgage broker with DLC Primex Mortgages, says that interest rate increases and tighter lending standards are adversely affecting Lower Mainland housing affordability, and short shrifting first-time buyers, in […]

Read More

What Is Title Insurance?

General 11 Dec

When you own real estate property you hold the “title” to that property. The title states your ownership. When purchasing a property, your lawyer/notary registers your transfer of title in the public records of the area in which you live. With a title insurance policy from FCT you will have peace of mind knowing you […]

Read More

Payment Frequency, Does It Really Make A Difference?

General 26 Oct

It has been said that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrowed, plus interest. However, how you make your mortgage payments, the payment frequency, is somewhat up to you! The following is a look […]

Read More

Helping Children With A Down Payment

General 24 Oct

Although home prices in Toronto and Vancouver seem to have stabilized recently, they are still at historical levels. The average home price in these two major Canadian cities are still well over $1 Million. Unsurprisingly, first-time homebuyers are finding it increasingly difficult to get onto the “property ladder”. It is now harder than ever for […]

Read More

New Mortgage Changes Decoded

General 20 Oct

This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions) but it is possible they will abide by […]

Read More

3 Reasons Canadian Mortgage Rates Will Never Hit 5%

General 15 Oct

High borrowing rates are a relic. Canadian regulators may soon force borrowers to qualify at interest rates two percentage points above the contract rate. With many posted mortgage rates now approaching and even surpassing 3.00% (depending on the term), this means borrowers will soon need to show they can afford payments based on rates of […]

Read More

Don’t Assume Anything When Dealing With Mortgage Financing

General 2 Oct

A lot of people get into hot water when they assume that because they’ve qualified for a mortgage in the past, they will qualify for a mortgage in the future. This article has one point to make and it’s this: Don’t assume anything when dealing with mortgage financing! And if that’s all you take away, […]

Read More

Paperwork You Must Keep!

General 29 Sep

As a mortgage professional there are things I wish more people were aware of which is why we are going to take a look into the paperwork we all need to hold onto to avoid frustration or even a decline when applying for a mortgage. Each of the following is taken from real life observations […]

Read More

Credit Scores: Here’s What You Need To Know!

General 26 Sep

The interest rate you pay on loans for every major purchase you make throughout your lifetime depends on various factors, and is dependent on your creditworthiness – everything from the mortgage on your home to your car loan or line of credit. And, given today’s ever-changing mortgage requirements and rising interest rate environment, your credit […]

Read More