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Tuesday, February 25th, 2020

What if mortgages were more expensive and less accessible? – Ask a Vancouver Mortgage Broker

If you’re a first-time home buyer, odds are that you don’t have a 20-per-cent down payment. Without one, you typically need mortgage default insurance to buy a home. The biggest provider of that insurance is government-owned Canada Mortgage and Housing Corp. (CMHC). Since the credit crisis four years ago, its mortgage role has been hotly debated. On […]

To Buy or not to Buy, that’s a Pretty Big Question (part 2) for first time buyers

To Buy or not to Buy, that’s a Pretty Big Question (part 2) This is part 2 of a 2 part series on down-payments for first time buyers. BMO Capital Markets deputy chief economist, Doug Porter estimates that to save a 5% down-payment (as mentioned in part 1 of the article) and have access to […]

To Buy or not to Buy, that’s a Pretty Big Question (part 1)

To Buy or not to Buy, that’s a Pretty Big Question (part 1) This is part 1 of a 2 part series on down-payments for first-time buyers. A recent survey from TD Canada Trust indicated that 60% of recent homebuyers were not pleased with their down payment. A larger down-payment benefits the buyer in a […]

Itemizing Up-Front Closing Costs

When you buy a new home, lenders like to see proof that you can cover the closing costs. To satisfy this condition you typically have to demonstrate your ability to pay an additional 1.5% of the purchase price at closing, on top of your down payment. But not everyone knows what closing costs entail. TD recently […]

Super Prime Mortgage

Best Mortgage Rates in BC get Better In the past, having “excellent” credit and having “good” credit didn’t make a whole lot of a difference when applying for a mortgage. But times are changing. XCEED Mortgage has launched a new product called the “Super PRIME” mortgage.  It was developed to reward premium clients,  separating them […]

Think before gifting down payment on kids’ home

With high real estate prices and tighter mortgage lending rules, it can be tough for first-time homebuyers to get into the market. Many new homebuyers look to parents for help, and many boomers and soon-to-be retirees are quick to help out by offering the down payment. Is this a good strategy? Many years ago, when […]

Why we’ve locked in to a 10-year mortgage

Our new home in Scarborough is a detached, three-bedroom side-split that cost nearly $560,000.  We borrowed nearly $515,000 to buy it,  a sum  that makes me queasy. With the help of a mortgage broker, we chose a 30-year mortgage from ING Direct, and locked-in to a 10-year term at an interest rate of 3.99 per […]

Five steps to scoring a mortgage

A variety of factors can keep you from qualifying for a mortgage. The big ones include a low credit score, insufficient income for the size of the loan you want, insufficient down payment and excessive debt. All of these factors are within your control, however. Let’s take a look at your options for overcoming any […]

10% Down Payments & Other Policy Debates

Housing accounts for an immense 1/5th of Canada’s GDP. That makes mortgage debt and housing policy enormously important topics from an economic standpoint. With the stakes so high, it’s painful to watch critics exhort blanket changes to mortgage rules, based primarily on their opinions in lieu of credible data. Case in point is this editorial […]

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