By license, mortgage brokers are legally entitled to lend money secured by a mortgage; regardless of whether it is their own or comes from another party. As a result, during a refinance/renewal, if there is enough equity a mortgage broker typically looks into whether their client has any outstanding debts and, if so, will pay them off and include the debt into the borrower's mortgage.
As a mortgage broker working almost exclusively in B.C. for the last five years, I was curious to see how B.C.'s new foreign buyer tax and new mortgage qualifications would change my business. While some of the impact was predictable, I've been wholly surprised by its effect on other aspects.
Are micro units, small condos and bachelor suites the way of the future; able to douse our city's precariously overheated housing market in a cool shower of affordable, convenient rental units? It seems the question is still up for debate here in the third least affordable housing market on the globe.
Pre-approval and approval are terms we hear thrown around a lot in real estate, and yet all too seldom do homebuyers know what's necessary to secure one in the first place. The fact is, a pre-approval should be one of the first steps in the property search process.
In the midst of the busiest month of the year in real estate, the Canadian housing market shows no signs of cooling down anytime soon, pushing buyers to think twice about their next move. Many assume that their best bet is to steer clear of the hot market, but that isn't necessarily a smart move.
Mortgage portability allows you to move an existing mortgage to a new home and keep the same interest rate without incurring prepayment penalties on the sale of your previous home. Not all mortgages allow for porting, but if yours does, this sounds like a great way to right avoid penalties, right? Not necessarily.
TORONTO — Mortgage lender Home Capital Group Inc. says it has suspended its relationships with 45 mortgage brokers over allegations
Bidding wars for Vancouver real estate can have unintended consequences if a buyer offers more than the property's appraised value.
In all of my meetings and blog posts, I always emphasize creating a budget and sticking to it, even if it means waiting a little longer before you buy, or buying something smaller.
How might plummeting home values impact Canadians? It's not entirely clear and that's frustrating for mortgage brokers and real estate insiders alike.