The CMHC recently announced that as of March 17, 2017 they will be increasing their homeowner loan insurance premiums. For most prospective homeowners these changes to premiums will likely result in an additional $5 to $10 per month compared to their old premiums. This change is coming in to affect mostly due to OSFI’s change […]
Read More… from CMHC Mortgage Loan Insurance Premium Updates
There is a persistent myth that continues to make its way around homeowner circles that as a business owner it is next to impossible to get a mortgage. Some people even believe that you will be disqualified immediately if you bring less than a 25% down payment to the table, but how much of this […]
Read More… from Obtaining a Mortgage When You Are Self Employed
At Mortgage Connection, our mortgage brokers are committed to looking after your best interests. That includes getting you a low interest rate. However, the interest rate is just one of many aspects of a mortgage. There are other key factors that need to be considered when you are determining which mortgage solution is best suited […]
Read More… from Your Mortgage: More than Just an Interest Rate
The mortgage industry recently underwent a large change in the way high-ratio mortgages are now qualified and approved. A high-ratio mortgage is a mortgage where less than 20% of the total value of the home is being put forward as a down payment. While these mortgages traditionally required CMHC insurance the qualification process for them […]
Read More… from Assessing Home Affordability in the Wake of New Mortgage Rules
On Monday, October 3, 2016 the Bank of Canada announced that as of October 17, 2016 any insured mortgage applications must be qualified at the benchmark rate (which is currently set at 4.64%). As of right now only variable mortgages, or mortgages with terms shorter than 5 years, are qualified at the benchmark rate. All […]
Read More… from October 17, 2016 Mortgage Qualification Changes
Mortgage Connection is here to streamline your home buying refinancing or mortgage renewal process by removing stress and minimizing frustration. When it comes to helping you find the perfect home at the perfect price we will do whatever we can to help you obtain a mortgage that suits your current and future financial needs. Here […]
Is it actually a good idea to take a vacation from your mortgage? There are a lot of advertisements promoting the benefits of mortgage vacations recently, so we decided to examine the benefits and potential downfalls so that you can decide whether or not a mortgage vacation is the right financial move for you. What […]
Ensuring you have enough funds for a down payment can be daunting, especially for first time home buyers. To help mitigate the financial strain a down payment can cause many families of first time home buyers offer to contribute funds towards the down payment. While it is possible to use gifted funds as part or […]
For a lot of people looking to acquire a mortgage, the math seems pretty simple: A mortgage with a lower interest rate means that you will end up spending less money than a mortgage with a higher one. However, choosing a mortgage simply because it offers the lowest rate is not always the best course […]
Read More… from Is the Lowest Mortgage Rate Always the Best Choice?
A lot of people ask if it is best to wait for their mortgages to mature before making any changes to it. The answer to that question depends on what your current mortgage looks like. Anyone who is considering breaking their current mortgage should take a good look at their present conditions first, and compare […]
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