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Canadian’s holding insured mortgages (CMHC) exhibit low risk appetites

Great news, Canada! The Canadian economy has and does enjoy a very profitable real estate and mortgage market, especially so in recent memory. There has also been discussion of “bubbles” in the market and the danger they pose to the Canadian economy with Canadian’s being overleveraged when looking at their incomes versus their monthly liabilities. …

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Are the New Mortgage Rules applicable to all lenders?

Many people are aware that Canada’s mortgage landscape has changed significantly over the past year or so. Most recently, there were (January 1st, 2018) major mortgage rule changes that affect borrowers who sit to purchase property or refinance their existing property. The new rules require a borrower with more than 20% equity or downpayment to …

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Life changing Mortgage Rules – January 1st, 2018

The most ground shaking mortgage rules to date will be affective on January 1st, 2018 for all federally regulated financial institutions in Canada. This includes both purchase and refinances! OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages (mortgage consumers with down payments 20% or greater than their home price). …

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Niagara Health Foundation – mortgage fundraiser update

To date, over $3,000 has been generated for the Niagara Health Foundation to ensure Niagaran’s have access to the best healthcare! In addition, mortgage holders have saved thousands and thousands of dollars in lower rates and mitigation of risk. Thank you Niagara for the privilege of serving! With our extensive range of lenders, ranging from Big …

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Mortgage (IRD) penalties, uncovered.

According to the statistics from Statistics Canada and CMHC – Approximately, 22,692 Niagaran’s per year break their 5 yr fixed rate mortgage with a two column format with a fixed rate mortgage, triggering the “Interest Rate Differential penalty (IRD). Statistics for Niagara (06/16): 447,888 people/consumers @ 27.9% mortgage holder rate = 124,961 residential mortgage holders @ 74.18% two column format mortgage …

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