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As a busy Mortgage Broker for the last 16 years and 20 years before that as a banker, the first thought that comes to mind as I write this blog is “one thing is not like the other”.  Ever since all of the mortgage changes came into effect over the last few years, I have seen a significant number of mortgage applications declined by one lender only to be approved by another one due to one small difference in each of their qualifying guidelines. With the recent announcement of the latest mortgage rule change regarding HELOC’s, (Home Equity Lines Of Credit), I think…

As the mortgage rates continue to fall, many economists are having trouble predicting what the rates will do in the future, however, the consensus is that rates will remain unchanged for the short term. Simply, the Bank Rate set by the Bank of Canada is increased when the economy is doing well but if there is a recession then low rates are used to cushion the economy. As the economic forecasters don’t know what’s going to happen, they’ve split the difference and predicted everything will remain unchanged for now……. What has changed since last year when warnings of significant higher…

If you are a current homeowner and your amortization period is approaching its maturity date, you may want to start considering what you should do about your Edmonton mortgage. If you have not paid your loan off in full, you should consider renewing your mortgage. This is a process that most borrowers apply for until they no longer have a balance on their home loan. So, to help provide some guidance, your local broker with The Mortgage Group has listed some useful tips for renewing your mortgage.   Tip #1: Start The Process Now You do not have to wait and apply for a mortgage…

For many people, the process of securing an Edmonton mortgage can feel complex, overwhelming, and a bit intimidating. Whether you are buying your first home, remortgaging, or buying a second home, Edmonton Mortgage Broker can help make the process easier. If you aren’t sure what to expect with your first meeting or aren’t sure what a mortgage broker does, we’ve covered the basics to help prepare you and let you know what to expect.   Personal ID Be sure you have one or two forms of up to date IDs with you, such as a driver’s license or passport. You can also use…

Before reading any further, if you are the type of person who can’t sleep at night knowing your interest rate may go up, even by just a little, a variable rate mortgage may not be the best option for you. With a fixed rate mortgage term, the mortgage rate and payment(s) you make each month will stay the same for the term of your mortgage. With a variable rate mortgage, the mortgage rate will change with the prime lending rate as set by your lender and depending on which lender you are with, your payment amount may or may not change…

Given all of the mortgage products with many different lenders available these days, I would say it’s a good time to remind all to read the fine print in any and every contract put in front of you. If you don’t understand something, you need to ask the questions. As the mortgage interest rates start to significantly increase, do be aware of exactly what you are getting into when borrowing and paying down the largest debt most of us will ever have in our lifetimes. Important to be aware that if you have just a mortgage, that is what will be discussed…

What is a Reverse Mortgage? A reverse mortgage is a loan that allows you to turn a portion of your home equity into cash without having to sell your home. The maximum amount you will be able to borrow will depend on your age, your home’s appraised value and the lender. With this long-term financing solution, you will have access to a dependable source of tax -free funds without the stress of having to make any payments until the loan is due. This is usually when you move out of your home, sell or the last borrower dies. How do I know if…

When it comes to applying for a mortgage, the current debts you have affects the mortgage amount you can qualify for. I often see buyers who have worked hard to maintain a good credit score and saved up their down payment only to be told they don’t qualify at the price they want to buy at due to their car payment. It’s not really something any potential home buyer wants to hear. Keep reading for some important information I believe all future home buyers need to be aware of Qualifying Ratios When calculating a mortgage that is affordable for you, we use…

Hopefully, all of the significant government mortgage rule changes are now in our rear-view mirror! Now more than ever, it is extremely important that potential homebuyers get pre-approved to buy a home as the maximum purchase price you may have qualified for in the past has now been reduced by at least 20%! Due to a higher mandatory qualifying rate regardless of your down payment amount and the contract rate that you have negotiated with the lender, using online calculators is not going to be accurate unless you know all of the new lending rules. While there is no guarantee of financing,…

Do you have mortgage questions? The MortgageGirl can answer today’s most commonly asked questions How much house can I afford to buy? I constantly get asked this question and due to recent mortgage rule changes, the answer is now quite different than it was last year at this time. Basically, the new house debts such as mortgage payments, property taxes and condo fees if applicable along with your other current debts relative to your “qualifying” income is what is used by lenders to evaluate how much you can afford. Using an online calculator most often does not simply give the answer as the answer…