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Bank of Canada rates – July 7, 2010 update

The Bank of Canada’s qualifying rate has drifted downwards to 5.89% as of 06.30.2010… This should help ‘ease’ some people’s concerns (a bit) when qualifying to purchase a home with a fixed term shorter than 5 years OR with a variable rate term.


What do lenders want to see – day 1: Downpayment… Where is yours coming from?

A HUGE part of what we do as mortgage professionals is simplify the home-buying and home refinancing process for all of our clients. During every interaction, we do our best to educate and inform homebuyers and homeowners of the ins and outs of the homebuying process. As a team of 31 Mortgage Specialists, we send in literally dozens of mortgage applications for Canadians on a weekly basis and therefore have an intimate understanding of what the diverse needs of our Canadian mortgage borrowers are, what products exist in the Canadian Mortgage marketplace, and most importantly, in marrying the previous two together, knowing how to structure things properly to give lenders what they want to see as applications come across their desks. With this in mind, we have dissected a mortgage application from the point of view of the lender into four parts. Over the next four days, we will walk through an outline of the most important items that we recommend that mortgage-seekers should take note of to help ensure a smooth mortgage-seeking experience.

Bulls and Bears: Which way are we really going?

Being an avid news reader, I note that on a daily basis there seems to be a dramatic swing between the Bulls and Bears, the optimists and the pessimists. At best, the news media outlets are a machine that exists to funnel the latest and greatest bits of information to our eyes and ears, for our digestion and use in our day to day lives. The paradoxical nature of ‘sex sells’ and ‘drama is news, news sells papers’ sometimes leads to conflicting messages through the news channels.

First-Time Homebuyer: a walkthrough, day 3

So. Now you know how much you can afford, what type of property you think best serves your needs and roughly where you want to live. Good! But wait… HOW do you actually go about FINDING it? Although your search may automatically go to the most traditional methods of searching for a new home, there are many channels that you can leverage in terms of finding the best place that truly meets your needs.

Thinking of becoming a Mortgage Broker in Alberta? The curriculum is changing!

A walkthrough on becoming a licensed Mortgage Associate in Alberta and how the registration requirements and educational process is changing next year

First-Time Homebuyers: a walkthrough, day 1

Many first-time homebuyers have the dream and the drive, but haven’t done the mental ‘math’ of what really goes into the homebuying process. In this installment, we walk through some of the preliminary steps of mapping out the ABC’s of the homebuying process. More to come throughout the week!

Property taxes: how do you pay yours?

Regardless of where we live across this great nation, if we own a home, we all have to pay property taxes. These are paid the city, municipality, region or district where our homes are located. Considering that here in Calgary, our property taxes are due at the end of June, we’re all receiving our property tax bills in the mail this month.

Bank of Canada cautious as it raises overnight lending rate to 0.50%

As you’ve probably heard by now, the Bank of Canada has raised its overnight lending rate – the rate at which it lends funds to banks – to 0.50% this morning. This quarter-percent jump was widely anticipated over the past few months as the Canadian economy picked up steam and grew by 6.1% in Q1 2010.

Q2 2010 reporting – Earnings season is back upon us!

It has been a strong few months since the last quarterly earnings reports came out… how strong? A broad walkthrough of what Banks’ earning figures are actually comprised of

Straw buyers: Taking advantage of your good name (…it’s MORTGAGE FRAUD)

An article from CBC.ca and CAAMP outlines the ins and outs of the most common type of Mortgage Fraud: using Straw Buyers. At the end, we add some further perspective on what we see day to day as licensed Mortgage Professionals working with Canadians coast to coast (to coast!).