Latest Mortgage News

Read latest mortgage news and updates from best industry resources.

The New ‘Stress Test’ Expected To Disqualify 10 % of Aspiring Buyers: Bank of Canada

December 15th, 2017Mortgage NewsComments Off on The New ‘Stress Test’ Expected To Disqualify 10 % of Aspiring Buyers: Bank of Canada

Think you are safe because you want to place more than 20 percent as down payment for your mortgage? You really are not; since you will have to take a ‘stress test’ before you are approved for a mortgage loan, as from Jan, 1, you may not qualify for the mortgage you wanted. According to […]

Read More

Stringent Borrowing Rules and Higher Interest Rates to Curb Riskier Borrowing

December 14th, 2017Mortgage NewsComments Off on Stringent Borrowing Rules and Higher Interest Rates to Curb Riskier Borrowing

While the Central Bank warned that the effort to mitigate risky borrowing may take time, it is optimistic that strict regulatory efforts and increased mortgage interest rates will be a milestone in this direction. As such, the Central Bank believes that this move will make the financial system in the country even more resilient. Through […]

Read More

Concerns Over the New ‘Stress’ Rules

December 13th, 2017Mortgage NewsComments Off on Concerns Over the New ‘Stress’ Rules

According to the leading experts in the mortgage industry, the proposed ‘Stress’ rules—that are meant to control the risk associated with mortgage loans in real estate today—are likely to make it impossible for some aspiring homeowners to get a mortgage loan. Essentially, the new rules, which will take effect from January, 2018, were aimed at […]

Read More

Avoid the New Mortgage Stress Test – Take Action Today

November 15th, 2017Mortgage industry eventsComments Off on Avoid the New Mortgage Stress Test – Take Action Today

Come to think of it, what is the only constant thing in the real estate industry? Change, yes change is among the common things you will encounter in this industry. With regards to change, the government will start implementing the new mortgage stress test rules on January, 1st next year. While many people are aware […]

Read More

Reactions to the Proposed ‘Stress Test’ Rules for Mortgage Borrowers

November 14th, 2017MortgagesComments Off on Reactions to the Proposed ‘Stress Test’ Rules for Mortgage Borrowers

The new rules about to be implemented by the Office of the Superintendent of Financial Institutions (OSFI) are aimed at subjecting the uninsured mortgage borrowers in the country to stress test as well. A stress test is a type of test that is carried out on the borrower’s finances to determine if he or she […]

Read More

Why You Should Review Your Mortgage Today

November 14th, 2017MortgagesComments Off on Why You Should Review Your Mortgage Today

Many of the leading financial advisers will tell you that it is important to carry out a financial check-up every year, but why? As time goes by, many things are bound to change in your life. This being the case, a mortgage that was a good fit for you a few years ago may not […]

Read More

Mortgage Qualifying Regulations are Tightened by the Canadian Banking Regulator

November 7th, 2017Mortgage industry eventsComments Off on Mortgage Qualifying Regulations are Tightened by the Canadian Banking Regulator

Earlier this month, the banking regulator in Canada released the new regulations that will make it more difficult for potential borrowers to apply for uninsured mortgages. This only adds to the ever-growing list of changes meant to regulate the Canadian housing market. OSFI, The Office of the Superintendent of Financial Institutions, outlined the guidelines to […]

Read More

What Percentage of Prospective Home Buyers Will Realistically Be Able to Purchase a home with the New Mortgage Stress Test That Will Take Effect in January 1st 2018What Percentage of Prospective Home Buyers Will Realistically Be Able to Purchase a home with the New Mortgage Stress Test That Will Take Effect in January 1st 2018

November 6th, 2017Mortgage industry eventsComments Off on What Percentage of Prospective Home Buyers Will Realistically Be Able to Purchase a home with the New Mortgage Stress Test That Will Take Effect in January 1st 2018What Percentage of Prospective Home Buyers Will Realistically Be Able to Purchase a home with the New Mortgage Stress Test That Will Take Effect in January 1st 2018

On Tuesday October 17th, Canada’s banking regulator introduced new rules regarding the requirement for all homeowners to undergo a mortgage stress test. This applies to all even those with larger down payments. As of now, only those with mortgages with lower down payments and less than five-year terms are required to pass the stress test. […]

Read More

Finding the Best Mortgage Rate: What You Need to Consider Before Signing on the Dotted Line

October 10th, 2017MortgagesComments Off on Finding the Best Mortgage Rate: What You Need to Consider Before Signing on the Dotted Line

When it comes to finding a great mortgage rate, it’s easy to think that the lowest figure should win. After all, paying a lower interest rate should mean saving money, right? Well, not necessarily. Instead, it’s important that those seeking the best mortgage rate should compare the rate versus the features. A low rate with […]

Read More

Deciphering Mortgage Terms: What Information to Consider Before Borrowing & Where to Go to Find It

September 29th, 2017Mortgage industry events, MortgagesComments Off on Deciphering Mortgage Terms: What Information to Consider Before Borrowing & Where to Go to Find It

When it comes to choosing a mortgage, it is important to recognize that the future cannot be fully understood until it arrives. There is likely going to be bumps in the road and life events that will affect a home borrower’s goals. Yet, taking an educated guess and setting goals for a mortgage is an […]

Read More