Applying for a fixed-rate mortgage? Why you need to do your homework

Imagine you’ve applied for a five-year fixed-rate mortgage. Then, before you close, the lender drops its best five-year fixed interest rate. You’d expect that new lower rate, right? Most people in this position would. But with some lenders, that’s not the way it works. If you’re going mortgage shopping, take a minute to understand your […]

Mortgage Broker Practices Score Well on Regulator Suitability Report

TORONTO, Sept. 8, 2014 /CNW/ – A report from the Mortgage Broker Regulators’ Council of Canada (MBRCC) should help bolster the confidence borrowers have in the services being provided by mortgage brokers in Canada. The report indicates that most mortgage brokers work to direct their residential clients toward suitable mortgages. However, the report also notes that […]

Is inflating income, lying on credit applications OK? – Consult with a Vancouver Mortgage Broker

Ten per cent of Canadians surveyed say it’s okay to inflate your income when applying for a mortage, according to a new survey by credit reporting agency Equifax. DREAMSTIME By: Susan Pigg Business Reporter, Published on Mon Aug 11 2014 Ten per cent of Canadians surveyed say it’s okay to inflate your income when applying for a mortgage, […]

Breaking a closed mortgage can be costly: Ask a Vancouver Mortgage Broker

You can get a low mortgage rate by signing up for a five-year term. But you could be penalized for an early exit if your plans change. By: Ellen Roseman On Your Side, Published on Sun May 11 2014 Brian Hyytiainen bought a house and took out a five-year mortgage in 2011. Things have changed in his life, […]

MBRCC’s New Tool for Interprovincial Brokering

MBRCC’s New Tool for Interprovincial Brokering For mortgage brokers without face-to-face business models, the Internet makes it easy to close mortgages in another province. And a lot of brokers are doing just that, but not always legally. That’s partly why the Mortgage Broker Regulator’s Council of Canada (MBRCC) put out this new tool. They call it the Multijurisdictional […]

Renovations demand flexible financing choices – Consult with a Vancouver Mortgage Broker

Fourth in a series. Whether you are selling your home, buying a new one or simply planning to stay put, renovations will at some point likely become a part of your financial planning. You may decide to renovate to get your house ready to put on the market and perhaps increase the selling price. You […]

Mortgage Terms: Stars & Dogs – Consult with a Vancouver Mortgage Broker

After “What is your best rate?” the next most popular mortgage question is probably “Which term do you recommend?” — or a variation thereof. But it’s tough to generalize about the best mortgage because borrowers have unique needs. To get around that, we have to use limiting assumptions and make a best guess at the risk/reward of each […]

Record home building in Canada drives spike in building permits – ask a Vancouver mortgage broker

Record Canadian housing construction led a faster-than-expected gain in building permits in January, government data showed one day after the central bank predicted a soft landing in the country’s real estate market. North America’s top 20 housing markets: Vancouver, Toronto, Calgary among most expensive Is Canada’s market overheated? Here’s a look at the prices in […]

Five Canadian mortgage market predictions for 2014 – Consult with a Vancouver Mortgage Broker

ROBERT MCLISTER–  Special to The Globe and Mail 1. New mortgage rules Expect more rule tightening in 2014 designed to reduce mortgage risk for lenders, mortgage default insurers and the government. By definition, those rules will make it slightly harder to get approved for some mortgages and further slow the housing market. 2. Credit unions will steal […]

Do early mortgage renewals save or cost you money – Ask a Vancouver Mortgage Broker

A rate in the hand is worth two in the bush. Many mortgage lenders want you to believe that rate certainty is worth paying a premium for. It is the justification, they say, for staying with them and renewing your mortgage early. Early renewal features typically let you lock in a new rate two to […]

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