1. How the penalties are calculated if I break my mortgage early? Specifically, ask what rate they use to calculate the “interest rate differential”. Typically, if the lender has “posted rates” they use these to calculate the penalty. If this is the case, the penalty can be 3, 4 or even 5 times higher than […]

I receive calls every month from people who want to know how to qualify for a mortgage because they were declined by their bank. In many cases I can help them and in some cases they have to wait – but we identify what they need to do to get in a better situation to […]

Now a days with the amount of information that is shared on the Internet and social media, identity theft and Ponzi schemes are happening regularly. Homeowners are taking the necessary steps to protect one of their largest investments which is their home. However, the last thing you want to worry about is yet another way […]

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When people deal with mortgage brokers they want to know that they’re competent. But it’s hard to assess that if you don’t know a broker well.   That’s where industry accreditations come in. A credible industry designation shows that a broker has met minimum standards of proficiency and professionalism.   Canada’s most common mortgage designation […]

Brookfield RPS is offering a free Property Summit Wednesday, May 28th in Toronto from 8AM to 1PM (breakfast and lunch provided).   The Property Summit 2014 includes a panel discussion on federal policy framework changes, as well as a housing market overview from Ben Tal, CIBC World Markets Deputy Chief Economist.   Click here for […]

Phew! Genworth Canada and Canada Guaranty have decided not to follow in CMHC’s footsteps and change their programs for self-employed buyers. But is this only a temporary move? “Upon review of the current Business for Self Program we will not be making any amendments to current product guidelines,” a Genworth letter to lenders sent Friday […]

DLC President Gary Mauris was the live guest on popular industry forum Canadian Mortgage Hangout last week. Click here to watch the full interview.   Dustan Woodhouse, DLC Canadian Mortgage Experts, is the source of a MortgageBrokerNews.ca article called How to prepare for upcoming anti-spam law.   Pamela Wyant, DLC Northern Mortgage Solutions, is a […]

There was some great news in the federal budget that could have positive outcomes for anyone looking to purchase a home, refinance or renew their existing mortgage. The Department of Finance expressed their commitment to increasing the competition of mortgage lenders. Many of the smaller lenders who focus on mortgages, offer us very competitive consumer […]

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates […]