Canada’s economy has hit a striking new milestone. Real estate secured debt is virtually equal to the country’s GDP. Statistics Canada says that, as of the end of April, the combination of mortgage debt and home equity lines of credit totaled $1.96 trillion. March GDP clocked-in at $1.98 trillion.
Credit monitoring company Equifax reports that total consumer debt stood at $2.08 trillion at the end of the first quarter of this year. The company says most of that is mortgage
If you're not all that familiar with the ins and outs of mortgage financing, the term "second mortgage" might cause a bit of confusion. Many people incorrectly assume that a second mortgage is arranged when your first term is up for renewal or when you sell your first home. They think that the next mortgage you get is your "second mortgage." This is not the case. A second mortgage is an additional mortgage on a single property, not the second mortgage you get in your lifetime
Buying a Vacation Property This is essentially the same mortgage and financing process as purchasing a home. To buy a vacation property, you are required to put a minimum down payment of 5% of the purchase price, as well as purchasing appropriate insurance and accounting for those premiums in the same way as a regular home purchase. Financing Your Vacation Property In the case of purchasing a secondary property, most lenders will allow you to borr
The crush of home sales that was expected in the run-up to the stricter mortgage stress-tests that kicked-in this month did not materialize. Nonetheless May sales still set a record for the month. More than 56,000 sales were recorded last month, up by more than 100% from a year ago. However, it has to be remembered that last May’s figures were the lowest since the late 1990s, as the economy was largely shut down by the pandemic. More tellingly, May marked the second consec
A question that comes up from time to time when discussing mortgage financing is, “If I have collections showing on my credit bureau, will that impact my ability to get a mortgage?” The answer might have a broader implication than what you might think; let's spend a little time discussing it. Collections accounts are reported on your credit bureau when you have a debt that hasn’t been paid as agreed. Now, regardless of the reason for the collection; the collection is a result
Company description Denise Laframboise is a knowledgeable, capable and honest mortgage expert that loves helping her clients with all their mortgage needs. Her team of expert partners helps support clients and referral partners through every part of the mortgage transaction & strategically building wealth through real estate. Job description UNDERWRITER Job title UNDERWRITER (UW) Reports to OPERATIONS DIRECTOR Job purpose The role of the UNDERWRITER (UW) is a key role in the
If you’re thinking about buying a property, but you’re not sure where to start, you’ve come to the right place! Let’s discuss how getting pre-approved is one of the first steps in your home buying journey. Just like you wouldn’t go into a restaurant without knowing if you have enough money to buy your meal, it’s not a good idea to be shopping for a home without an understanding of how much you can afford. You can browse MLS from your couch all you want beforehand, but when yo