This article is written by Dr. Sherry Cooper, an award-winning authority on finance and economics with over 30 years of bringing economic insights and clarity to Canadians. It’s an interesting read to get some insight on what to expect in 2019. At the start of every New Year, pundits posit the forecast as everyone wonders …
It is a reoccurring but common misconception that you will qualify for a mortgage in the future because you have qualified for a mortgage in the past. This is not accurate! Do. Not. Assume. Anything. Even if your financial situation has remained the same or has improved, securing mortgage financing is more difficult now than …
The reverse mortgage market in Canada has been increasing at a phenomenal rate over the last few years. In fact, for HomeEquity Bank, the provider of the CHIP Reverse Mortgage, growth was well over 40% in August, bringing Canada’s outstanding reverse mortgage balance to $3.03 billion. Compare this to the latest growth in lending for …
WHY REVERSE MORTGAGES ARE BUCKING THE DOWNWARD TREND Read More »
I am often asked if it’s hard to compete with the banks. While they may offer competitive rates at times, right now I have much better rates than the banks. However, I have certain advantages which allow me to blow them out of the water most of the time. More Choice – banks are limited to …
4 REASONS WHY MORTGAGE BROKERS ARE BETTER THAN BANKS Read More »
So now that you’re a home owner, what are your next steps? Well first, you will have to figure out exactly how you are going to get RID of that mortgage. Yes, that’s right. Now that you got it, here are four ways you can pay it off and be done with it! 1. ACCELERATE …
CONGRATULATIONS ON THE MORTGAGE! NOW LET’S GET RID OF IT! Read More »
Over the last month, as the big banks and many of our monolines mortgage lenders wind down their fiscal year, we are starting to see some very obvious changes in what your credit score can get you. I heard a few months ago that 720 beacons were going to become the new 650. The 650 …
LOOKING FOR A MORTGAGE…YOU BETTER KNOW YOUR CREDIT SCORE Read More »
Since we know that lenders can back-end insure our mortgages (please read our Mortgage Insurance Market and Wholesale Lenders article first), and that this specifically makes these mortgage investments more attractive to investors, what does it mean for borrowers (every day people like you and me)? To recap, any mortgage that is inexpensive for a wholesale lender …
A Guarantor, when it comes to mortgages, is exactly what it sounds like—they “Guarantee” the mortgage for another person if they are unable to pay back the loan. Guarantor’s or co-signers are often used if someone has: • Damaged or poor credit • Insufficient income In most cases, someone with poor credit and/or insufficient income …
There is a myth out there that once you’re pre-approved for a mortgage, you’re good to go out and buy a home… with a no subject offer… DON’T do it! A pre-approval means that based on being able to PROVE (through documentation) your CURRENT income, expenses, down payment and credit bureau you SHOULD be able …
PRE-APPROVED FOR YOUR MORTGAGE… WHAT DOES THAT REALLY MEAN? Read More »
You may have already seen the more technical BANK OF CANADA RATE ANNOUNCEMENT on October 24th, or you may not have. The Coles Notes (the simplest version) are as such: Global economy remains strong, the USMCA will reduce trading uncertainty Canadian economy is balanced for the foreseeable 2 years Household spending will increase, but backed by income …