General Michael Distefano 12 Mar

RENEWING VS. REFINANCING A MORTGAGE What’s the difference between refinancing and renewing your mortgage? The terms are often used interchangeably, but they are different processes: Renewing a mortgage applies to the current mortgage loan. You will be looking for a new term and interest rate based on the amount remaining in your mortgage at the […]

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CMHC Makes It More Difficult To Get An Insured Mortgage

General Michael Distefano 5 Jun

Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a minimum down payment of 5%. CMHC is a federal Crown Corporation that provides […]

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Improving your credit score isn’t as hard as you think!

General Michael Distefano 15 Jan

If you’re credit challenged but want to get into the housing market, it can be a tough road. But improving your credit to a point where a lender will give you a chance, is very doable. Basically, what you need to know is a score above 680 puts you in a good position to get […]

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Home ownership pride can pay off

General Michael Distefano 3 Dec

Any prospective homebuyer knows this situation well. You’re set up for a viewing but when you get there the condition is less than ideal. Maybe the toilets are dirty, or the cluttered kitchen is hiding its full potential. Immediately, you’re turned off and you’ve moved on to another property. For the owner, that’s sale opportunity […]

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Fixed or variable on your mortgage ?

General Michael Distefano 5 Nov

It’s the first and only thing anyone usually asks when you talk about your mortgage: What’s your rate? While everyone can recall their rate off the top of their head, it’s the only detail of the mortgage they remember or care to know. Though the rate is obviously important, your mortgage is so much more than […]

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BCREA: Mortgage Stress Tests Limiting Impact of Falling Rates

General Michael Distefano 25 Sep

 By Steve Randall 25 Sep 2019 Broker News Mortgage rates are expected to remain at roughly their current level through to the end of 2020 according to a new forecast. The British Columbia Real Estate Association’s Economics team says that, notwithstanding any major changes to the economic landscape, the 5-year qualifying rate is set to […]

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Should You Use Your Home Equity To Consolidate Debt?

General Michael Distefano 16 Sep

Understanding home equity; what is it and how do I access it? If you’re a homeowner you’ll probably have equity. Equity is the difference between the value of your home and what you owe against it; essentially equity is the portion of the home that you “own”. There are different channels to access your home […]

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Here’s what you need to know about the First-time Home Buyer Incentive

General Michael Distefano 4 Sep

BY: Sarah Turnbull , CTVNews.ca Staff Published Monday, September 2, 2019 The government’s First-Time Home Buyer Incentive (FTHBI) comes into effect today. The program is aimed at making it easier for young people to buy their first home by lowering new buyers’ monthly mortgage payments. Introduced by the Liberals in their 2019 budget, the federal government will […]

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