INCOME QUALIFIED

General Steve Marshall 26 Aug

There are several different ways a borrower can qualify for a mortgage when it comes to their income. One of the most common ways is known as income qualified. All of the following methods of employment income are under the income qualified umbrella: Annual salary income employees Full time employees working guaranteed weekly hours Part Read More

4 COSTS TO CONSIDER AS A FIRST-TIME HOMEBUYER

Mortgage Tips Steve Marshall 21 Aug

Oftentimes even the most organized and detail oriented first-time homebuyer can overlook some unexpected costs that come with the purchase of their new home. We are outlining 4 of the costs that we most commonly see overlooked by home buyers in hopes that we can better prepare you—and save you from a few surprises! 1. Read More

MORTGAGES ARE LIKE COFFEE

General Steve Marshall 16 Aug

The most common question we get for mortgages is “what is your best rate?” Now imagine we walked into our local coffee shop and asked “what is your best price?” Doesn’t happen. There are all kinds of different coffees and lots of ways to make them. The same goes for mortgages. Getting a coffee at Read More

JOBS STALL FOR SECOND MONTH IN A ROW, BUT WAGE GROWTH SURGES

General Steve Marshall 14 Aug

The booming labour market in Canada seems to have vanished, at least for now, as employment declined and the unemployment rate rose again in July. Whether it is the summer doldrums, a trained worker shortage or the beginning of a slower second-half economy is yet to be seen. But the news is troubling in the Read More

4 WEIRD THINGS LENDERS ASK FOR

General Steve Marshall 8 Aug

A number of times I have had people who wonder why they need to provide so much documentation when it comes to arranging a mortgage. Besides an employment letter, you are usually asked to provide a pay stub and your most recent Notice of Assessment (NOA) to prove income. “Why do they need all 3, Read More

QUALIFYING MORTGAGE RATE FALLS FOR FIRST TIME SINCE B-20 INTRO

General Steve Marshall 6 Aug

The interest rate used by the federally regulated banks in mortgage stress tests has declined for the first time since 2016, making it a bit easier to get a mortgage. This is particularly important for first-time homeowners who have been struggling to pass the B-20 stress test. The benchmark posted 5-year fixed rate has fallen Read More