Answers to the Most Common Mortgage Questions
Purchasing a home may be the largest and most complex transaction you'll make during your lifetime. It's not an easy process, with many things to consider, the most notable of which is the mortgage. It's no wonder we get all kinds of mortgage ...
Posted by Gerard Hagan on June 23, 2021 in Edmonton Mortgages
The Mortgage Approval Process for Home Buying in Edmonton
Home buying can be the most exciting experience of your life. But unless you’re one of the country’s wealthiest few and have the luxury of paying for a home upfront — you’ll need to apply for a mortgage.
To make the mortgage ...
Posted by Gerard Hagan on January 18, 2021 in Edmonton Mortgages
CMHC Self-Employment Qualification Updates
On Monday, October 7, new guidelines from Canada Mortgage and Housing Corp. (CMHC) came into effect that could make it easier for self-employed individuals to qualify for mortgage financing.
The changes apply to individuals who have put down a down ...
Posted by Gerard Hagan on October 13, 2018 in Edmonton Mortgages
Approved For $400,000? Check Again...
We all know that Finance Minister Bill Morneau, announced new mortgage and housing rules on Monday, so we caught up with Mortgage Specialist, Margaret Adekunle of Marg Mortgages. We asked her a few questions to help us get an overview of the ...
Posted by Gerard Hagan on October 6, 2016 in Edmonton Mortgages
Mortgage Secrets Everyone Should Know
Mortgages are not a subject we learn about in high school, although I wish they were.
Credit, interest rates and qualifying for a mortgage are all things that will greatly affect your lifestyle going forward. Some hear about them through friends, ...
Posted by Gerard Hagan on March 17, 2016 in Edmonton Mortgages
Will Banks Cut Their Interest Rates to Reflect Bank of Canada's Rate Cut?
Overnight rate cut by Bank of Canada usually matched by decrease in prime lending rate.
Canadians have been left wondering whether they'll enjoy lower rates on mortgages and other loans in the aftermath of a surprise interest rate cut by ...
Posted by Gerard Hagan on January 23, 2015 in Edmonton Mortgages
RBC Lowers Mortgage Interest Rates – Other Major Banks Follow Suit
RBC was first out of the gate, so to speak. This past weekend, this major Canadian bank shaved an average of 10 basis points off of various fixed-rate mortgages. The five-year closed rate went down to 3.69 percent. No celebration, no fanfare. The ...
Posted by Gerard Hagan on January 30, 2014 in Edmonton Mortgages
Getting a Mortgage if You’re Self-Employed Requires More Effort
Getting a mortgage these days is tough enough, trying to achieve the same lofty goal if you’re self-employed is even worse. Granted, when the economy was in the darkest depths of the financial downturn, self-employed parties needed an extra ...
Posted by Gerard Hagan on September 30, 2013 in Edmonton Mortgages
Mortgage Survey: Canadians Favour Fixed Mortgages Over Variable
The firm of Harris Decima recently conducted a survey across Canada regarding mortgages. In it they found that for the third straight year, Canadians tend to favour fixed rate mortgages over the variable. Another find, on the issue of the ...
Posted by Gerard Hagan on March 22, 2013 in Edmonton Mortgages
No Interest Rate Hike Expected In Near Future Per Bank Of Canada
The Bank of Canada concedes that the nation’s economic picture is currently a bit weaker than expected, that same entity did predict a reversal in the near future. Growth on the economic front in Canada did not quite live up to the predictions ...
Posted by Gerard Hagan on March 1, 2013 in Edmonton Mortgages
Six of Canada’s Bank’s Get Credit Downgrade By Moody’s
Six Canadian banks got a bit of a wake-up call this past Monday. Moody’s downgraded their credit ratings, making investors suitably nervous. Those getting the lower credit scores include Scotia Bank, CIBC, TD and some smaller outfits, ...
Posted by Gerard Hagan on February 7, 2013 in Edmonton Mortgages
Canadian Bankers Weigh In On Real Estate Market In Canada
Those in the know now expect that Canada’s real estate market will not endure the predicted bubble, but rather will weather a softer landing. The market is still seeing a bit of a slowdown, largely due to the change in mortgage lending rules ...
Posted by Gerard Hagan on January 11, 2013 in Edmonton Mortgages
Larger Down Payments Sometimes Mean Higher Mortgage Rates
It would seem logical that putting down a large down payment on a property would be a smart move. As it turns out, a smaller down payment may actually save you money in the long run. Because of government mortgage default rules on insurance, it is ...
Posted by Gerard Hagan on June 13, 2012 in Edmonton Mortgages
Do you have a mortgage? Then there’s likelihood you have mortgage insurance. This type of insurance is provided by the lender and not the government (CMHC insurance). The purpose of lender mortgage insurance is that if you become utterly ill ...
Posted by Gerard Hagan on May 26, 2011 in Edmonton Mortgages
What To Do After You Have Been Denied A Mortgage....
Have you found your dream home but were denied a mortgage? A problem with your application doesn’t necessarily mean that you’ll be stuck paying rent for the rest of your life. There are ways of working around issues like debt; credit ...
Posted by Gerard Hagan on December 7, 2010 in Edmonton Mortgages