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Important changes to Mortgage financing standards. Effective January 1st, 2018

Wednesday October 18th, 2017

Important changes to Mortgage financing standards. Effective January 1st, 2018

The Office of the Superintendent of Financial Institutions (OSFI) published on Tuesday, October 17, 2017 the final version of its B-20 Guideline, Residential Mortgage Underwriting Practices and Procedures, that all federally-regulated financial institutions must adhere by January 1st, 2018. The key change applied will affect anyone wishing to purchase or refinance a property (1 to 4 […]
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Why is there is an additional $684 in my notary’s fees?

Monday October 16th, 2017

Why is there is an additional $684 in my notary’s fees?

OMG! There is an additional $684.00 in my notary’s fees. Vanessa recently signed the deed of sale on her townhouse at the notary and has just received her bill. She discovers the amount of $684.00 for which she had not budgeted. But it is not the notary’s fees, which are those agreed upon, that are […]
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Refinancing your mortgage can make your dream kitchen a reality!

Tuesday October 10th, 2017

Refinancing your mortgage can make your dream kitchen a reality!

You may wonder whether there is a way to use your mortgage to finance a specific project, such as a kitchen renovation. Let’s take a look at how it is not only possible, it is actually the most cost-effective way to finance these types of costs. How does it work? First of all, you must […]
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If it smells like mould, it probably is mould!

Monday September 25th, 2017

If it smells like mould, it probably is mould!

Jeremy, newly separated from Nancy, urgently needs to find a house that will meet his needs. Since he is in a rush, he makes an offer on a house and decides to accept the inspection report provided by the seller. The seller’s inspection report was drafted only a year ago, so Jeremy assumes that everything is […]
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Important changes coming to mortgage financing standards

Monday September 18th, 2017

Important changes coming to mortgage financing standards

The Office of the Superintendent of Financial Institutions (OSFI) is currently studying the possibility of applying another major change that will affect anyone looking to purchase or refinance a property (1 to 4 units) and having at least 20% in down payment and/or equity for mortgage refinancing: Primary residence Secondary residence Income property (1 to […]
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How to find out about your credit rating.

Monday September 11th, 2017

How to find out about your credit rating.

There are essentially two private credit rating firms that produce credit scores which the banks will consider while analyzing your mortgage application. The most well known is Equifax, the other one is Trans-Union. They gather and process the following information: The current monthly balance on your credit cards, lines of credit, car loans, furniture loans, […]
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What are the potential dangers of dealing with a virtual bank?

Monday September 4th, 2017

What are the potential dangers of dealing with a virtual bank?

Virtual banks such as Tangerine (ING Direct), First National, MCAP, Home Trust,Equitable Bank are more and more present on the market and keep gaining ground every day at the expense of traditional banks. Then, what are the risks of dealing with such financial institutions?  What are your risks as a consumer? The vast majority of […]
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Can refinancing my home solve my debt issues?

Monday August 28th, 2017

Can refinancing my home solve my debt issues?

This is a question frequently asked concerning mortgage financing… I have credit card debt. Could my house be the solution to my debt issues? The answer is YES, if you have the necessary equity to refinance your property. The principle is simple: calculate 80% of the market value of your home and then subtract the […]
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