Canada’s banking watchdog, OSFI (Office of the Superintendent of Financial Institutions Canada) announced that there will be a new minimum qualifying rate, or “stress test†for borrowers with a down payment of 20% or more effective January 1, 2018. Buyers will need to prove that they can afford payments based on the greater of the […]
OSFI’s Mortgage Stress Test: What You Need to Know Read More »
According to the 2016 Mortgage Consumer Survey, 59% of mortgage consumers cited “best rate” as one of the key reasons they chose to obtain their mortgage through a broker (52% said excellent service was another key reason). What do they mean by “best rate?” Well if they’re not unlike many of the clients I first
Why the Lowest Mortgage Rate may not be the Best Mortgage Rate Read More »
In response to recent mortgage qualification changes by the government, the TD Bank announced that it was going to increase the interest rate it charges customers with variable rate mortgages. The changes won’t affect customers with fixed-rate mortgages – nor will they affect other products, such as lines of credit. But customers with variable rate
Prime Rate Isn’t Apples to Apples Anymore Read More »
