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self-employed mortgage

Bank of Canada Holds Rate Steady

As was pretty much expected, the Bank of Canada held the overnight interest rate at 1 ¾% this week, citing a weaker outlook for the Canadian economy.  The softer tone from the Bank is in direct contrast to what they said when they last met October 24.  Since that time, oil prices have fallen considerably… Read More…

Stress Test…Eight Months Later

The government’s latest mortgage rule changes have caused an imbalance between supply and demand in almost every region of the country, and will result in an estimated 200,000 fewer jobs being created over the next three years. Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market in… Read More…

How to Get a Mortgage After the New Rule Changes

Have you tried to apply for a conventional mortgage since the inception of the new rules the government implemented on January 1st?  If you have and have been either turned down or you can’t get as much of a mortgage as you need, call me today.  I have a solution that has helped other borrowers… Read More…

More Mortgage Changes Ahead!

Last week the government announced yet another set of rule changes that will impact the conventional mortgage market; those who have at least 20% equity/down payment on their property.  They have implemented what is called a “stress test”, effective January 1/18. In order to qualify for a mortgage, the financial institution will have to add… Read More…

Bank of Canada Raises Rates

The Bank of Canada raised rates for the first time in seven years. The new benchmark rate is .75%, up .25%. The Bank says Canada’s economy has been “robust”. As for future rate hikes, the Bank didn’t give much indication. This will likely make it harder for consumers to qualify for a mortgage term other… Read More…

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