Mortgage lenders seek guidance from The Appraisal Institute of Canada (AIC) for property appraisals. The AIC outlines various factors and guidelines for lenders to derive the value of property. Comparable sales in similar market conditions are used. An appraisal is an important part of the mortgage...
Canada’s top banking regulator, the Office of the Superintendent of Financial Institutions (OSFI) has announced that they will be proceeding in implementing proposed change(s) to the mortgage qualifying rules come June 1, 2021. The minimum qualifying rate for both Insured and Conventional files will become: the...
Interest rates have been changing rapidly during the COVID-19 crisis. With both fixed and variable rates near records lows, which rate is the best for the consumer? There is no real correct answer to this question. It is important to choose the mortgage solution that suits...
The government's First-Time Home Buyer (FTHB) Incentive is now live. A 1.25 billion dollar fund over the next 3 years was introduced in September of 2019. The aim of the program is to help in the reduction of monthly payments without increasing a buyer's down...
Scotia Total Net Worth Program This program is designed to provide additional mortgage solutions to customers with moderate incomes who have a significant amount of verifiable liquid assets and strong credit scores. Asset Requirements:- Minimum liquid assets of $250,000- Must have $1 in liquid asset for every...
Are you still going to the bank branch for your mortgage? See our recent success story below on how we completed a mortgage with just 8 days to closing. Bank Branch Experience: A client dropped off documents during the last week of December 2018. The credit report...
You may be wondering what the benefits are of using a mortgage broker compared to an individual who works at the bank. A variety of reasons exist with regards to mortgage rates, objectivity, solutions, costs, ongoing service, and ease of renewal. Using Connolly Capital Mortgage...
1. Start early! Starting early puts you in the best position to see if there is anything you can modify within your lifestyle to ensure that you get the best renewal possible. Starting to look within the last year of your mortgage sets you up to...
Purchasing a home in Canada is more challenging (and more complicated) than it has ever been. For first-timers, such new considerations as the stress test and changes to mortgage rules are as intimidating as spiralling price appreciation and increasing interest rates. The 30-year old-young professional...
Every month, you put money against your mortgage. Over the years, thanks to all those payments (and a healthy increase in home values), you’ve built up some equity. Way to go! Sometimes, we want to be able to tap into that equity. But new mortgage...