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Proposed Mortgage Approval Changes

July 26, 2017 rstmortgage Leave a Comment

Proposed Mortgage Approval Changes

On Thursday July 6, the Office of the Superintendent of Financial Institutions, proposed that all uninsured mortgages (mortgages with a down payment of 20% or more) will have to be qualified for using the market qualifying rate (MQR) at 4.64 percent -- almost two percent higher than one would be paying for in a prime rate mortgage. This stress test is typically put in place for variable, insured … [Read more...]

Filed Under: Uncategorized

Key Mortgage industry facts

February 7, 2017 rstmortgage Leave a Comment

Key Mortgage industry facts

In October and November of 2016 the government of Canada made some significant mortgage changes without consultation from the general public or any industry stakeholders.  Since this time the various banks, trust companies, and other industry partners including the Mortgage Centre have been meeting with the parliamentary committee on finance in an effort to have a more factual and beneficial … [Read more...]

Filed Under: First Time Buyers, Mortgage Advice, Mortgage Investors

CMHC insurance premium increases

February 3, 2017 rstmortgage Leave a Comment

CMHC insurance premium increases

On January 17 CMHC announced that they are increasing insurance premiums (the fees that are added to mortgage for clients purchasing with less than 20%) by between 36% and 10%.  For clients with 15% down payment the premium is increasing by 36%, for 10% down payment, 22.5%, and 5% down payment they are increasing by 10%.   These changes are a direct result and response to the widely criticized and … [Read more...]

Filed Under: First Time Buyers, Mortgage Advice Tagged With: CMHC

Mortgage rate predictions for the beginning of 2017

December 5, 2016 rstmortgage Leave a Comment

Mortgage rate predictions for the beginning of 2017

As 2016 comes to a close and we look forward to 2017, a common question that we have been asked by our clients is "what are your mortgage rate predictions for the upcoming year?" This is a great question and has an effect on many of our clients who are looking at their upcoming mortgage renewal options or purchasing a new home. Lets first start with a quick background on where rates come from. … [Read more...]

Filed Under: Mortgage Advice Tagged With: mortgage rates

Purchasing your next home (when you already own one)

July 8, 2016 rstmortgage Leave a Comment

Purchasing your next home (when you already own one)

Over the years we have had the privilege of working with many past and repeat clients and also new clients who currently have a mortgage and would like to purchase their next home.  This article is specifically for clients who have a current home and are interested in purchasing their next home.  If you are looking for information on purchasing a vacation home or second home for your children or … [Read more...]

Filed Under: Uncategorized Tagged With: buying your next home, porting your mortgage, second home

Rental property mortgage update

April 13, 2016 rstmortgage Leave a Comment

Rental property mortgage update

Rental property mortgage update It have been a little while since we provided our clients with a rental property mortgage update and since then there have been some significant changes in the lending market. If you are considering buying or refinancing a rental property this is important for you to know as it could: *Result in you being approved or declined *Accessing the funds that you … [Read more...]

Filed Under: Mortgage Advice Tagged With: income property, investment property, Rental, rental purchase

Mortgage Refinancing at Renewal to Consolidate Debt

January 20, 2016 rstmortgage Leave a Comment

Mortgage Refinancing at Renewal to Consolidate Debt

Refinancing at Renewal to consolidate your debt Studies have shown that some of the best ways that we learn is through stories about other people and their experiences.  With this in mind, we have included below two recent success stories about clients of ours who saved thousands of dollars in interest and reduced their monthly debt payments significantly, if you would like to learn how we did … [Read more...]

Filed Under: Mortgage Advice Tagged With: debt consolidating, refinance, refinancing at renewal to consolidate debt, renewal

Zero down payment mortgages?

January 12, 2016 rstmortgage Leave a Comment

Zero down payment mortgages?

Zero down payment mortgages? We are often asked if zero down payment mortgages are possible, in short the answer is no - however within the longer answer we might find a solution that works well for you.  We are here to help you purchase your new home and have several creative down payment solutions that you might find to be a great fit. As a starting point, the minimum down payment for all … [Read more...]

Filed Under: First Time Buyers, Mortgage Advice Tagged With: borrowed down payment, first time home buyers, gifted down payment, gifted equity for down payment, zero down payment

Down Payment Changes

December 22, 2015 rstmortgage Leave a Comment

Down Payment Changes

Down payment changes: This past week has been a "take your medicine" moment - we knew that the government was making down payment changes and the industry was filled with speculation on the magnitude of the changes along with the potential negative effects on some already weakening local markets, however the final announcement was no where near as damaging as it could have been.  There had been … [Read more...]

Filed Under: First Time Buyers, Mortgage Advice

Infill construction financing

December 3, 2015 rstmortgage Leave a Comment

Infill construction financing

We are experts in working with our clients to ensure their infill construction financing is approved quickly, with excellent rates and terms, and allows them the flexibility to complete their project on time and on budget. We have included below some information about this type of mortgage financing along with several options that we pursue with our clients and the typical cost and structure for … [Read more...]

Filed Under: Mortgage Advice, Real Estate Investors Tagged With: construction mortgage, infill construction financing, infill financing, infill mortgage, infill mortgage financing

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