The main reason many renters feel they can’t afford to purchase a home has to do with saving for a down payment. But there are many solutions available today that can help first-time buyers with their down payments. Many lenders will allow for a gifted or borrowed down payment. And of those lenders that will […]

Financial Post Staff  May 10, 2011 – 6:54 PM ET | Last Updated: May 10, 2011 7:14 PM ET By John Greenwood and Barbara Shecter There has already been “some softening” in the Canadian real estate market so there is no need for further tightening of mortgage rules, said Jim Flaherty, the finance minister. Unlike […]

The bond rate decreased slightly over the last week but newly released inflation numbers suggest rising rates are on the horizon. Interesting article below providing an overview of the inflation we have seen… Price Hikes Spreading as Inflation Hits 3.3% TAVIA GRANT AND RICHARD BLACKWELL from the Globe and Mail; Tuesday, Apr. 19, 2011 7:07AMInflation […]

United States  •   It was a very quiet week for U.S. data releases, but there was plenty to digest on the macro economic policy front, both domestically and abroad.    •   Unsuccessful discussions regarding the U.S. budget, a growing divide at the Fed, and the first interest rate hike since 2008 by the European Central Bank […]

A Mortgage rate hike has happened over the last few days. Fixed rates moved up by 20-30 basis points. We still have a few lenders who have not moved yet, but fully expect to lose them any day now. 5 year fixed mortgages are now in the 4.2-4.3% range. There were no changes in the pricing on […]

What Does a Lender Consider When Looking at Your Mortgage Application? Income and Job Stability – Your income determines how much you may borrow. In most cases, 32% of your gross income for salaried, non-self-employed or commissioned people is used to determine how much you can borrow to cover the cost of the mortgage payments, […]

The Mortgage Financing Process The number one question a homebuyer often has is “What does the mortgage process entail?” In very simple terms, following is an outline of the process upon which you are about to embark: a)      Get pre-approved: Avoid any hiccups or obstacles before you begin the home shopping process. Being pre-approved helps […]

Types of Mortgages Mortgages can be a confusing subject. Buying or selling a home is an emotional decision and can be very stressful. As a mortgage advisor, I will take the confusion out of mortgages and make the process as smooth as possible. In Canada, there are two major categories that mortgages fall into, either […]

The bond rate has moved up the last few days with news of stronger that expected U.S. job figures. There continues to be lots of turmoil with the Middle East situations and news of possible rate increases in Europe due to inflationary concerns. There have been no major changes in short or long term interest […]

The bond rate has risen by 25 basis points since the start of the month. Lender’s started moving their rates up on Tuesday. 5 year rates are now in the low 4% range.    Bank prime is at 3.00%   The next meeting of the Bank of Canada is on March 1st, 2011   P.S. If […]