15 Nov

New mortgage changes decoded

General

Posted by: Steven Brouwer

This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions) but it is possible they will abide by […]

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8 Nov

4 Common Financial Mistakes Every Small Business Owner Should Avoid

General

Posted by: Steven Brouwer

Every entrepreneur and business owner will make a few financial mistakes during their journey. Those who aren’t savvy in accounting often overlook the need to brush up on their financial IQ. Truth is, these little financial errors can lead to some serious cash flow problems if you aren’t careful. Here are four financial mistakes you […]

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19 Oct

The Impact of Mortgage Rule Changes

General

Posted by: Steven Brouwer

The mortgage rule changes that were passed by the Ministry of Finance in October 2016 are still having their effect one year later. Higher qualification requirements and new bank capital requirements have split the industry into two segments – those who qualify for mortgage insurance and those who don’t. Mortgages that qualify for mortgage insurance […]

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19 Sep

Mortgage Basics – Types of Insurance

General

Posted by: Steven Brouwer

          In part one of this two-part series, we will look at the types of insurances you will hear about during the mortgage process. Sometimes it is a good idea to revisit the basics when looking at a complex thing like a mortgage. There can be misunderstandings which crop up. The […]

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13 Sep

The True Cost of Downsizing

General

Posted by: Steven Brouwer

        In the midst of the booming real estate market in Canada (mainly in Vancouver and Toronto), many Canadians are entertaining the idea of downsizing in order to sell their homes at a high value and purchase a smaller home or condo at a lower price. Is downsizing the way to go? […]

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8 Sep

It’s never a bad time to plan

General

Posted by: Steven Brouwer

Do successful entrepreneurs just open their doors for business without a business plan? Does a chef open a restaurant without a menu? Do pilots depart the hanger without a flight plan? Can you build a house without architectural plans?…I could go on forever! The answer is NO to all the above. I’m a planner. Whether it’s […]

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5 Sep

Thinking about putting in a firm offer? Read this first.

General

Posted by: Steven Brouwer

The market is constantly changing these days, so if you asked me about affordability just a few weeks ago, I would have had a different answer, as the seller’s market has quickly shifted to a buyer’s market – for now, anyway. This spring, many first-time homebuyers were quickly being priced out of the market due […]

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5 Sep

How Mortgage Rates Work

General

Posted by: Steven Brouwer

Ever wonder how your mortgage rate is determined? What factors make it jump from percentage to percentage? We are getting down to the nitty gritty today and giving you the facts on what impacts mortgage rates. What affects a Mortgage Rate? There are 10 factors that affect a mortgage rate: 1. Location Depending on which […]

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28 Aug

Managing Your Mortgage

General

Posted by: Steven Brouwer

Why is it important for you to have a mortgage manager? Reaching your financial goals is attainable! There are some things to consider before securing your mortgage: Is there a potential of you buying an investment property or a vacation home? Are you considering scaling up or downsizing? Do you think you might move or […]

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