Monthly Archives: Monday September 25th, 2017

If it smells like mould, it probably is mould!

Monday September 25th, 2017

If it smells like mould, it probably is mould!

Jeremy, newly separated from Nancy, urgently needs to find a house that will meet his needs. Since he is in a rush, he makes an offer on a house and decides to accept the inspection report provided by the seller. The seller’s inspection report was drafted only a year ago, so Jeremy assumes that everything is […]
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Important changes coming to mortgage financing standards

Monday September 18th, 2017

Important changes coming to mortgage financing standards

The Office of the Superintendent of Financial Institutions (OSFI) is currently studying the possibility of applying another major change that will affect anyone looking to purchase or refinance a property (1 to 4 units) and having at least 20% in down payment and/or equity for mortgage refinancing: Primary residence Secondary residence Income property (1 to […]
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How to find out about your credit rating.

Monday September 11th, 2017

How to find out about your credit rating.

There are essentially two private credit rating firms that produce credit scores which the banks will consider while analyzing your mortgage application. The most well known is Equifax, the other one is Trans-Union. They gather and process the following information: The current monthly balance on your credit cards, lines of credit, car loans, furniture loans, […]
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Important Notice: If you have a Variable mortgage rate, what should you do?

Thursday September 7th, 2017

Important Notice: If you have a Variable mortgage rate, what should you do?

To the surprise of many economists and analysts the Bank of Canada (BoC) has decided to increase its key lending rate for the second time in 2 months by another 0.25% on September 6th 2017.  This brings its target overnight rate to 1% and the variable mortgage prime rate to 3.20% for most banks. The […]
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What are the potential dangers of dealing with a virtual bank?

Monday September 4th, 2017

What are the potential dangers of dealing with a virtual bank?

Virtual banks such as Tangerine (ING Direct), First National, MCAP, Home Trust,Equitable Bank are more and more present on the market and keep gaining ground every day at the expense of traditional banks. Then, what are the risks of dealing with such financial institutions?  What are your risks as a consumer? The vast majority of […]
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