More rule changes mean more reasons to use a mortgage broker
The next new mortgage regulation, which comes into effect 1 January 2018, will require borrowers to qualify based on a rate that is 2 percentage points above the contract rate or the Bank of Canada posted 5-year rate (currently 4.89%), whichever is higher. The “stress...
How using a mortgage broker can save you time and money
As mortgage brokers, we focus on finding you the best deal, not on keeping you with the same bank. We work for you, not the banks. Sure it takes a bit more time to meet with us than it does to sign and mail a renewal letter, but the meeting is free and we do all...
Considering a reverse mortgage? 3 risks you should know first
If you’re a homeowner over the age of 55, you may have heard of reverse mortgages. Basically, a reverse mortgage allows you to access a portion of your home’s value to use as cash flow. One of the benefits is that you don’t have to pay any interest of principal...
3 key things to remember before using home equity
One of the benefits to owning a home is that as housing prices increase, so does the value of your home. The change in value from when you purchased your home is referred to as equity. For example, if you purchased a home 10 years ago for $150,000 and it’s worth...