Last week OFSI, the bank regulator proposed a tougher Stress test for mortgages that if approved will start June 1st. They are proposing to increase the minimum qualifying rate from 4.79% to 5.25%. So even if your mortgage rate is 2% for example the bank will have to qualify you at 5.25% so you will [...]
Mortgage rates have been lowering over the last few weeks and now finally the qualifying rate which lenders use to assess debt servicing ratios has been lowered by 15 basis points to 4.79%. This is great news as it acts to increase affordability. The way debt servicing ratios work is that even if a borrower [...]
Usually I am not a big proponent of cash back mortgages but my office recently sold a 5 year fixed rate mortgage at 2.64% instead of the regular 1.99% rate that this lender was offering. The mortgage amount was approximately $500,000 which meant a $15,000 cash back that allowed the borrowers to pay off their [...]
Many homebuyers look into purchasing a new build home when they are considering home buying options. This type of home purchase requires a specific type of mortgage known as a construction or new build mortgage. There are 2 types of construction mortgage options that you can choose from, each with its own benefits that we [...]
Working as a Mississauga mortgage broker requires a lot of useful tools to help clients find the best mortgage packages for their needs. One of those tools is a mortgage calculator. You can find a few different types of mortgage calculators that will look at different things for you, such as mortgage options and what [...]
As a Mississauga mortgage broker, I pride myself on my ability to find the best mortgage options for my clients. After all, my job is to look out for the best interests. It's one of the main characteristics you should look for when shopping around for a mortgage broker, and not all are the same. [...]
Working as a mortgage broker in Mississauga, Canada, I get asked a lot of questions about mortgages. Taking out a mortgage is probably the largest investment that you can make in your life. It can also be a confusing process for some, especially if you are a first time home buyer. Today I'm sharing the [...]
When you begin the home buying process, it can be confusing trying to figure out everything involved in a Brampton mortgage. Understanding which mortgage broker to work with and what loan option you should choose is only half the battle. The other half is figuring out the additional costs involved with your mortgage. These extra [...]
Trying to differentiate between the countless home loan options as well as understand the common mortgage vernacular can be difficult if you are a first-time homeowner. So, to help make things easier for you as you begin your application for a home loan, your local Brampton Mortgage Broker with Lotus Loans & Mortgages has defined [...]
Many homeowners choose to consolidate their debt by refinancing their home mortgages. If this is something you would like to do visit Brampton mortgage brokers for some invaluable advice and to see what options are open to you. A refinanced mortgage can save you thousands on potential unnecessarily high interest. For example, credit card debt [...]
