June 2020

Beware of the Mortgage Penalty

Posted on Jun 08, 2020

A common misconception about breaking your mortgage with your lender says that your penalty is about 3 months of mortgage payments. That couldn't be further from the truth. 

However, when signing up for that new mortgage, the information and paperwork will easily overwhelm and buyers are so focussed on getting the best rate, that the penalty for brea...

Read More

CMHC Makes Major Changes

Posted on Jun 08, 2020

If you have less than 20% down payment for the purchase of your home, CMHC is about to make it harder for you to qualify for a mortgage.
CMHC, The Canada Housing and Mortgage Corporation, is a mortgage insurance provider for people without at least 20% to put down on their home. They are probably the most popular insurer used by Canadians when purch...

Read More