Category Archives: Mortgages

My Take on the New Mortgage Rules

I remember asking a mortgage broker pal of mine in the summer about the rumours that OFSI (the Office of the Superintendent of Financial Institutions, i.e. banks) was going to apply the stress test to purchasers who had more than … Continue reading

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New mortgage rules won’t apply to existing contracts.

I had a blog reader email me to ask if the new mortgage rules apply in a situation where he purchased a new home a year ago but won’t take possession until next year. His mortgage application is still in progress. … Continue reading

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New Mortgage Rules apply to ALL Buyers

I keep reading news articles about the new mortgage rules that suggest they only apply to buyers who have less than 20% downpayments. (Those are mortgages that are CMHC insured). I asked Cathy Macdonald, an Ottawa mortgage broker, if this … Continue reading

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New Mortgage Rules – and how they affect buyers

This just in from Cathy Macdonald, an Ottawa mortgage broker, about the effect of the today’s rule changes on buyers:   Significant Mortgage Qualifying Changes Announced Today Do you have buyers who are pre-approved and planning to buy at or … Continue reading

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Borrower Beware ….

I have a client who is also a friend of mine who has a lot of equity in his house and was looking to borrow against it. He ended up going to a lender that’s often advertised on TV and … Continue reading

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