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Whether you are a resident of Canada or even a non-resident (living and working abroad), you are probably wondering how to keep purchasing and/or refinancing when the mortgage rules keep changing like the wind!

Since last October, we have seen massive changes – everything from increased rates, properties that were previously insured are now uninsured and the qualifying rate for everything under the 5-year fixed has risen three times.

So with these massive changes how do you keep up? How do you purchase when the mortgage rules keep changing?

As brokers, we deal with these frustrations every day and the answer unfortunately is not clear!

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Updates non-residents small

Recently James, a non-resident from Singapore purchased a property in Toronto.  We completed the deal from start to finish in 10 days, which was highly stressful for both the borrower, realtor and mortgage broker – yours truly.

Everyday, I was faced with lender delays, appraisal delays’ and many phone calls back and forth to verify details.  It was not clear that we would be able to close and both James and the seller could not extend closing, which led to further stress.  James was leaving back to Singapore on July 29th and the sellers were closing on another property on July 30th.  Our closing was set for July 27th. Deadlines all around were tight.  The only positive was that the realtor already had the status certificate reviewed by the lawyer, before the purchase agreement was signed, which saved us time in the process, enabling me to send that in with the paperwork to the lender.

I realized that it was the lack of explanation on my part that facilitated this occurrence and thought that this example would be a great learning tool for your purchases in Canada.

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