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Tag: Mortgage
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Stress-Test-Free Low-Ratio Switches: Updates to the New Rules
Dec 17th, 2024: The Government of Canada has introduced a significant change to mortgage insurance rules, effective December 16, 2024. This update allows stress-test-free switches for low-ratio (“bulk insured”) mortgages at renewal, creating new opportunities for borrowers and reshaping how mortgage renewals are approached. What Does This Mean for Borrowers? Traditionally, borrowers switching lenders at…
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Navigating the Latest Mortgage Changes: Insights and Opportunities for 2025
Dec 12th, 2024: As we wrap up 2024 and step into the holiday season, significant changes in the Canadian mortgage industry are creating new opportunities for homeowners and borrowers alike. From interest rate cuts to the removal of the stress test for certain mortgage transfers, these updates have far-reaching implications for anyone looking to optimize…
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Unlocking New Housing Opportunities: Federal Actions on Secondary Suites and Vacant Land Development
Oct 8th, 2024: The Canadian government has introduced new initiatives to tackle the housing crisis by expanding opportunities for homeowners and developers. A key part of this announcement is the support for homeowners to build secondary suites and the use of vacant land for housing development. Building Secondary Suites: Transforming Underused Spaces Starting January 15,…
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OSFI’s Decision to End the Stress Test for Uninsured Mortgage Switches: What It Means for Borrowers
Sept 26th, 2024: The Office of the Superintendent of Financial Institutions (OSFI) is set to eliminate the stress test requirement for uninsured mortgage switches, starting November 21, 2024. This change, which has drawn attention from both mortgage professionals and borrowers alike, applies to those looking to switch lenders at the end of their mortgage term.…
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Federal Government Increases CMHC Mortgage Cap to $1.5M and Extends 30-Year Amortizations
Sept 16th, 2024: The federal government has unveiled major reforms to Canada’s mortgage landscape. Key measures include raising the CMHC-insured mortgage cap from $1 million to $1.5 million, which aims to improve access for Canadians in high-priced markets. Additionally, all first-time homebuyers will now have access to 30-year amortization periods, helping reduce monthly payments and…
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Unlock the Power of Your Home’s Equity to Achieve Financial Freedom
Sept 9th, 2024: For many homeowners, the idea of equity can seem abstract, but it’s a powerful financial tool that could improve your financial well-being. If you have debt and equity in your home, you may be sitting on an opportunity to consolidate debt, fund investments, or simply gain more financial flexibility. At The Mortgage…
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Good News for BC Homeowners: What the Recent Rate Cut Means for You
Sept 4th, 2024: Exciting news for homeowners and potential buyers in British Columbia! The Bank of Canada has just announced another interest rate cut, lowering its key overnight rate from 4.5% to 4.25%. This follows two previous cuts in June and July, and there could be more on the way. But what does this mean…
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Canadian Inflation Fell in June, Setting the Stage for Bank of Canada Rate Cut
July 16th, 2024: June brought encouraging news for the Canadian economy as inflation unexpectedly declined by 0.1%. This marked the first decrease in six months and sets the stage for a potential interest rate cut by the Bank of Canada (BoC). In this blog, we will delve into the details of this inflation report, explore…
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Reverse Mortgages: A Financial Solution Made for Today
May 28th, 2024: As the economic landscape continues to challenge retired Canadians, reverse mortgages are emerging as a viable financial solution. With soaring inflation and volatile equity markets, many retirees are struggling to maintain their standard of living on a fixed income. Traditional financial options like taking on debt or cashing out investments often come…