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Updated from our First Time Buyer's Archive. Originally posted on Jun13, 2007 Imagine falling in love with a home, making and offer only to find out later that you are not eligible for such amount? Or another scenario: Competing with other buyers over your dream home, to find out the vendor accepted the other buyer’s offer JUST because they were already pre-approved. It does happen. … [Read more...]
It's true, negative credit items can remain on your credit report for up to 7 years (up to 10 years for public records, such as a bankruptcy, tax lien or judgment). But this doesn't mean that you have to wait 7 to 10 years to begin re-establishing a good credit rating. 4 Dos and Don'ts when it comes to rebuilding your credit: 1. Three months prior to securing your mortgage, DON'T apply … [Read more...]
Updated from our Mortgage and Financing Archives. Originally posted in March 2009 Pre-qualification is the starting point in your search for mortgage financing. A quick snapshot is taken which includes income, existing debt, savings, length of employment, etc. All of these factors will then be analyzed to determine your loan eligibility. Pre-approval is written documentation that shows you … [Read more...]
An article by the Canadian Press: Several of Canada's big banks announced increases in their residential mortgage rates effective Tuesday. Royal Bank (TSX:RY), TD Bank (TSX:TD) and Laurentian Bank (TSX:LB) all raised the posted rate for a five-year fixed-rate mortgage by 0.15 percentage points to 5.54 per cent. Royal Bank raised its special offer rate for a five-year mortgage by 0.15 … [Read more...]
I came across this great new program for young buyers in Old Montreal, specifically for students (and their parents) wanting to purchase a condo with low downpayment. Développements McGill created a new Family Investment Program that offers a fantastic purchase options. Here are the details: “We have formed an partnership with the Royal Bank (RBC) to enable families with children aged over 18 … [Read more...]
Bank of Canada governor Mark Carney raised the overnight lending rate a 0.25% point on Wednesday morning. CTV News reports: The decision marks the third straight month that the central bank has boosted the rate, which was set at a rock-bottom 0.25 per cent during the recession. The overnight lending rate affects short-term borrowing, such as variable-rate mortgages and some lines of … [Read more...]
You’ve probably read about the new regulations regarding Canadian mortgages for buyers/ investors and home owners wanting to re-finance. In case you haven’t been following, here is the scoop. Three changes will come in effect on April 19: Qualification: All borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower … [Read more...]
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