My Mortgage Blog

What you need to know about private mortgage lending laws in Canada

How to Find the Best Second Mortgage Companies in Canada 

If you’re thinking about taking out a second mortgage on your home, you know how much information is out there. So how do you decide if it’s the right route, and if so, how can you find the best second mortgage company for you? ... READ MORE

Private Mortgage Lenders vs. Big Banks: 3 Things You Need to Know

How to Find a Mortgage Broker Who Meets Your Needs
When it comes time to buy your first, or next, home, finding a mortgage broker should be at the top of your list. But where do you start? A quick Google search will show just how many options you have... READ MORE

The Rates, Today

The Federal Budget and Housing Affordability
The affordability - or rather, the lack of housing affordability continues to be a concern for many Canadians. Younger generations are feeling priced out of the market, and many are losing hope that... READ MORE

Renovating or selling: What's the right move?
If there is one thing that is certain in today's housing market, it is that the housing market is uncertain. Prices continue to rise, and the stories of bidding wars and houses selling above asking... READ MORE

Rate Calculator
Use this mortgage calculator to help figure out how much you can afford, the impact of interest rate changes or changing your mortgage amortization.
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Variable Rate Mortgages Almost Always Cost Less
Variable-rate mortgages have been around for nearly forty years. Banks were first allowed to offer them as interest rates rose in the 1980s. During this time, lenders found themselves holding... READ MORE

Take Your Time with Mortgage Pre-Approval
Mortgage applications are time-consuming and require a lot of information to be collected and assessed before deciding whether to grant it or not. From application to signing the finalized paperwork... READ MORE

The Rates, Today
Because I work with a wide variety of lenders I can access competitive, lower-than-advertised interest rates. Check back often to see how these rates compare to average bank rates. 
See Today's Rates

Tax Implications for Homeowners
Tax season is approaching, and while we don't usually talk much about taxes with our clients, it is an excellent time to learn about the tax implications of being a homeowner.
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Using The Home Buyers' Plan for Your Down Payment
Saving a down payment is a problem for many new home buyers. High home prices and strict mortgage rules require up to a 20% down payment for houses with a sale price of over $1 million. READ MORE

What is Amortization and Why it Matters
Amortization is a word you'll hear a lot when applying for a mortgage. What is it exactly, and why is it important? Understanding the concept of amortization helps you know ...
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The Bank of Canada Left Rates Unchanged. Now What?
The Bank of Canada may have raised its inflation forecasts, but it didn’t raise interest rates this week as many had expected. At its first rate policy meeting of the year,...
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Rate Calculator
Use this mortgage calculator to help figure out how much you can afford, the impact of interest rate changes or changing your mortgage amortization. 
Go To Calculator 

Prepare Now for Mortgage Rate Increases
You've read the news reports and heard the analyst reports. They say that interest rates are about to begin rising. In January, the governor of the Bank of Canada stated as much. 
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Will the Bank of Canada Hike Early on Inflation Concerns?
Earlier this week, we learned that Canada’s headline CPI inflation rose to a 30-year high of 4.8% in December. That had a number of economists concerned, with many saying the...
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How to Pay for Adding Value to Your Home
The cost of home renovations has skyrocketed in recent years, driven by demand for contractors' services and, more recently, by material shortages caused by the pandemic. Still, renovating your home...
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Home Surtax Explored as Prices Continue to Rise
As new home prices marked the 20th consecutive month of growth, a new report backed by Canada’s housing agency called for a new annual tax to help address affordability. 
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When the Bank Says No Call a Mortgage Broker
The hot housing market and low interest rates have led to more people entering the market for real estate. To help keep things in check, Canadian policymakers have slowly tightened the rules around...
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What's Wrong with Online Mortgage Lenders?
On average, it takes between two and six weeks to get a mortgage from the initial application to signing the final paperwork. That may seem slow; however...
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Why Would You Need a Second Mortgage?
With every mortgage payment you make, you own a little bit more of your home. Even if you are still many years away from fully repaying your mortgage, you are building equity. 
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5 Things to Do Before Your Mortgage Renewal
When you put your signature on your first mortgage agreement, it seems like you are set. All that's left to do is make the payments, right? Your mortgage payments are certainly a part of the story,... READ MORE

What Does High Inflation Mean for Mortgages?
Inflation in Canada has been rising steadily throughout 2021 and is now at its highest since 2003. Rising inflation is often followed by higher interest rates, affecting the cost of borrowing for... READ MORE

Does Breaking Your Mortgage Make Sense?
There is a lot of money at stake in mortgages for both lenders and borrowers. With soaring home prices, even low-interest rates can generate thousands of dollars in interest over the length of the...
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5 Ways to Prepare for Buying a Home
Purchasing a home is, for most people, the most significant personal purchase they will ever make and the most money they will ever borrow. It's a huge commitment that can change the course of your... READ MORE

Housing Supply is the Key to Affordability
With the average price of a home in Canada rising 35% since 2019, many people worry that homeownership may be getting out of reach, especially for younger, first-time buyers. It's a valid concern as...
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A Snapshot of the Canadian Mortgage Market
Mortgage debt is rising at its fastest pace in over 10 years, yet arrears have fallen to record lows. Meanwhile, more mortgage shoppers are opting for variable rates and a growing...
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Mortgage Insurance Explained
Buying a home is filled with new and sometimes bewildering terminology and concepts. Mortgage insurance is one of those pieces of the mortgage process which first-time homebuyers often don't fully...
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Housing Boom or Real-Estate Bubble?
Average house prices across Canada have continued to rise since 2002, with brief exceptions for the credit crisis of 2008 and attempts by the Bank of Canada to cool the market in 2017. That's when the... READ MORE

Mortgage Volumes Post Record Growth
Mortgage volumes posted their highest-ever rate of growth in the second quarter, driven in large part by historically low mortgage rates and a strong housing market. Compared to the second...
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Now That You Have a Mortgage Pre-Approval
Obtaining a mortgage pre-approval is often one of the early steps people take before they start shopping for a home. Indeed, it's a good idea to get a pre-approval so you can begin planning,...
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The Language of Mortgages
Mortgages are complicated. That's a fact. So complicated that that mortgage agents and brokers require specialized training to learn the financial and legal concepts. 
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Election Promises and How They Could Affect Housing Prices
Canadians now have more mortgage debt than they have ever had in history. Combine that with the news of increasing housing costs and a recent survey...
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The Bank of Canada's Role in Influencing Mortgage Rates
We spend a lot of time thinking about interest rates and searching for the signs of change to advise our clients accordingly. We give our clients the best advice on new mortgages and locking in or...
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What's Fueling the Hot Housing Market in Niagara Falls?
The housing market in some areas of the country is cooing down slightly. It may be due, in part, to the effects of recent changes to the mortgage stress test. On the other hand, Niagara Falls is still...
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5 Common Questions About Mortgages for First Time Buyers
Getting a mortgage isn't the same as buying a car or buying other items on credit. Mortgages are complex legal agreements, and the approval criteria are much different. If you've never purchased a...
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Is Canadian Mortgage Debt a Problem?
In April 2021, Canadians amassed the highest levels of new mortgage debt ever in a single month, adding almost $18 billion in new mortgages. In fact, mortgage debt in Canada is at an all-time high.... READ MORE

The Pros and Cons of a Reverse Mortgage
You've probably seen the TV commercials and heard the radio ads about reverse mortgages. They are the ones that make seniors the promise of being able to afford to stay in their homes or to have... READ MORE

Budgeting for Your New Home - Part 2

Before you sign on the dotted line of the largest personal investment, you'll ever make, sorting out your budget is a very good idea. It doesn't take much work and can save you a lot of struggle and...
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Budgeting for Your New Home - Part 1
Buying your very first home is exciting and can also be a little frightening when you think about the magnitude of the investment you are making. Knowing how much you can borrow by getting a mortgage...
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Why Get a Home Inspection?
For many years, home inspections have been a staple of new home purchase offers. Often, offers are made on the condition that a favourable home inspection report is obtained. However, in the hot... READ MORE

Paying Your Mortgage Down Faster
If you've never had a mortgage before, understanding the nuances of the different types of mortgages available can be very confusing. Choosing the right mortgage...
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What is Private Lending and Who is it for?
More than 72% of Canadian mortgages are held by the Big Six banks and so-called A Lenders. However, a growing contingent of B Lenders have come on the scene. These are companies that are using...
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My Credit is Bad. Can I Still Get a Mortgage?
Hey, we're not here to judge. There are a lot of reasons why your credit score may be in less than tip-top shape. The pandemic alone has impacted the financial situation of many Canadians who may have... READ MORE

How Much Do I Need for a Down Payment?

For first-time home buyers and property investors, the amount of money you'll need to have available for your downpayment can be cause for concern. With housing prices...
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Should You Be Stressed About the Mortgage Stress Test?
New changes are coming soon for Canada's mortgage stress test, which could make it more difficult for homebuyers to get mortgage approval as of June 1, 2021. The mortgage stress test was first...
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Getting a Mortgage When You're Self-Employed
A growing number of Canadians are turning to self-employment as their main source of income. A majority cite the independence and freedom of working for themselves as the main reasons for striking out...
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Why Should I Call a Mortgage Broker?
Banks and credit organizations are making it easier to get mortgage information and apply for mortgages without leaving home. It was a trend even before the pandemic, which has only accelerated since...
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