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New Changes to CMHC’s Underwriting Criteria

There are more changes from CMHC affecting mortgage qualifying coming July 1, 2020. The modifications to the underwriting criteria make it more difficult to qualify for a mortgage for those who have less than 20% for a down payment. The changes include increasing the...

Thinking of Deferring Your Mortgage Payment?

Thinking of Deferring Your Mortgage Payment?

Covid-19 has impacted our economy and financial markets significantly. The government has implemented a mortgage deferral program to help those in need of financial support during this time. A person can now defer his or her mortgage payment for up to 6 months, at the...

Top 5 Ways to Improve Your Credit Score

Top 5 Ways to Improve Your Credit Score

Pay off any outstanding collections. These are debts that haven’t been paid that were sent to a third-party collection agency for them to collect payment on behalf of the creditor. Many companies (not just credit [...]

Are Lenders Obligated to Renew Mortgages?

Are Lenders Obligated to Renew Mortgages?

It's a common held belief that if you've made your mortgage payments on time throughout the entirety of your mortgage term, that your lender is somehow obligated to renew your mortgage. This is simply not the case. [...]

Creating Stability in the Canadian Housing Market

Creating Stability in the Canadian Housing Market

This morning, Finance Minister Bill Morneau announced new housing measures, changes meant to alleviate risk in Canada's current housing market. The measures include: Standardizing lending criteria for high- and low-ratio mortgages, including a mortgage stress [...]

Further Tightening of the Mortgage Belt

Further Tightening of the Mortgage Belt

Before reading this you should be warned that the following content is pretty dry... like eating 8 saltine crackers without drinking water dry. If you need to go and get something to drink before proceeding, no worries, [...]