Curtis ArnoldYour Family Mortgage Guy
You’ve probably heard the phrase, “become your own banker before.” But do you know anyone who uses the techniques to becoming your own banker?
On June 4, the Canadian Mortgage and Housing Corporation (CMHC) announced three big changes to how they're underwriting mortgages for people buying a house with less than 20 percent down. The first change was lowering the Gross Debt Servicing (GDS) to Total Debt...
The changes for the stress test have been postponed indefinitely by the Federal Government in response to COVID-19. However, rates have decreased slightly making it easier to qualify for a mortgage.
As mortgage brokers, this the most common question we’re asked; what are rates are doing? That conversation can go several ways depending on how we think it affects you. But today, the rate drop is making buying a home and renewing a mortgage more affordable. BANK OF...
Why don’t we have a chart or the lowest posted rates like every other mortgage company?
The lending environment has changed greatly in the past few years, and rates today depend on many more variables: How much of a down payment you have, whether your mortgage will be insured, what your credit score is, and how severe a payout penalty you’re willing to risk. These are just a few of the variables that make up your final rate.
So rather than us posting the absolute lowest rate possible on the assumption that every variable works out in your favour, let’s talk so we can determine what your particular situation is and what your rate might look like. We’d much rather do that then publish a rate you’d be disappointed if it wasn’t available to you. It takes a conversation with an industry professional to explain the pros and cons of any rate being offered.
Call or email us today so we can discuss your personal situation.