Are you struggling to find a suitable mortgage to buy a new home? Do you find it tough to understand mortgage jargon? Navigating through the mortgage market to find the perfect financial solution can be frustrating and time-consuming if you lack the appropriate connections and training. Fortunately, a mortgage specialist can help you simplify the process and guide you to a suitable product that’s unique to your financial circumstances. Mortgage agents are knowledgeable professionals aware of the ins and outs of the mortgage world.

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During the ongoing coronavirus pandemic, there is so much uncertainty and consequently interest rates volatility. It has affected the real estate market significantly, as mortgage lending constitutes a large part of the banking sector. Read on to learn how it will affect you and what you can do to be prepared.

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Effective September 2, 2019, the Government of Canada had introduced the First Time Home Buyer Incentive (FTHBI) to help qualified First Time Home Buyers (FTHB) across Canada to purchase a home, making homeownership more affordable by reducing their monthly mortgage payment without increasing their down payment. This is good news for homebuyers because the FTHB Incentive is considered a Shared Equity Mortgage (SEM) where the Government of Canada has a shared interest in the borrower’s property value. This program is available through the default insurers; Canada Mortgage Housing Corporation (CMHC), Genworth and Canada Guaranty. Homebuyers will receive FTHB Incentive in the form of…

Following the announcement made by Bank of Canada on July 10 that they are holding the overnight interest rate steady at 1.75%, yesterday Bank of Canada dropped the benchmark qualifying rate used in the Stress Test from 5.34% to 5.19%. This is good news because home buyers will be qualified for a higher purchase amount and homeowners could refinance for a higher amount, up to 80% loan to value nevertheless. TD has issued confirmation to the broker channel recognizing this drop and will make it into effect starting from July 22, 2019. If you were not in the market to buy a home,…

Good news for both home buyers and home owners because that means there is no expected increase in the mortgage interest rate, at least until the next scheduled announcement on September 4, 2019. For home buyers, take advantage of this holding pattern to get a pre-qualification so you know how much you can afford and the monthly mortgage payment amount. For homeowners, if you are on variable rate mortgage, your monthly mortgage payment amount will not change. If you choose to switch to a fixed term mortgage, you can take advantage of the lower rate and lower your monthly mortgage payment amount.…

My client wanted to take equity out of his property in order to invest in another real estate property in Ontario and the stock market. However, meeting him at Pegasus Mortgage Brokerage office is difficult since he moved to the Northern Canada territory. The geographical distance did pose a few challenges but they were not impossible to resolve with some creative solutions. Problem Solution My client could not meet me in person at the brokerage office to submit the application and supporting documents Online application is available, and clear scanned copies of all the supporting documents are acceptable One of the approval conditions required my…

First of all, is it the same as Mortgage Default Insurance that you keep hearing about? Dear readers, it is not the same and I don’t blame you if you get the two mixed up (small confession: I used to get the two mixed up because they sound similar!) There is one important difference which opens my eyes wide and makes me want to commit this to long-term memory: Mortgage Default Insurance does not absolve you from your mortgage loan whereas Mortgage Life Insurance does. Mortgage Default Insurance Mortgage Default Insurance protects the lending institution in the case that you, as borrower, are…

Global News has shined new light after learning new information on the First-Time Home Buyer Incentive, which Canada Mortgage and Housing Corporation (CMHC) has presented as a teaser with many questions left unanswered. Recap of the program details provided as a teaser, which was announced on April 4, 2019 in CMHC webpage and in the government’s Budget 2019: CMHC would help some first-time home buyers by advancing interest-free loan up to 5% for existing residential property or 10% for new built residential property This program is only eligible to first-time home buyers with annual household income under $120,000 The insured mortgage and the incentive amount…

I contacted a previous client of mine to remind them of the upcoming mortgage renewal. In this conversation, I learn that the client had accumulated credit card debt to fund the renovation to their home and is having difficulty in paying the full amount each month. The unpaid statement amount is charged 23% annual interest rate compounding daily, which would snowball to an even bigger debt amount if it was not resolved early. Fortunately, it has not snowballed too big and the client agreed to take advantage of the renewal time as an opportunity to consolidate the debt with the forced…