Category Archives: Credit

Mortgage Rule Changes 2020 (Covid Edition): How is it going to impact your ability to buy a home?

The New Deal So, late yesterday evening, the CMHC dropped another bombshell on home buyers once again. Just last week the we saw the mortgage qualifying rate drop which actually helped qualification (albeit just slightly). This new update is sure to push people on the edge of becoming home owners out of the market altogether…

Money for Nothin’ (but your cheques are free!)

How did this happen? (to me) It's hard to explain to someone what a mortgage penalty is, or just how painful they can be when you find yourself in a situation to trigger them. Only those that have had to pay the $5900, $8100 or even higher in the past will be able to tell…

Not if, but when... For the last 5-6 months, I've been telling anyone who would listen that the USA (and subsequently Canada) is due for a major recession. Since the beginning of the "Great Recession" that sent the stock markets tumbling in 2008, the US has not only recovered but they've been on a "Bull"…

Variable Rate Mortgage? Switch and save $5000 or more!

Tick-tock... If you've negotiated a variable rate mortgage over the past 3-4 years, and stuck with it, you're probably in a prime minus .35-50% product. This would put you in the 3.50% range This was an excellent deal back then, but only so-so today. Timing is everything Well, we're currently seeing limited time discounts that…

The dirty little secret of the Canadian Mortgage Industry…EXPOSED!

Ah, the comments section on social media these days, they're hard to read, but even they're harder to ignore when you see the absolutely false/misleading statements being made in them. While "fake news" has been all the rage lately (Thanks to Donald Trump's insane ramblings). Every now and then I see something that is so…