Chances are your finances have been negatively affected by COVID-19 and you’re deferring your mortgage payments. It’s important to note that your credit report will show these deferrals. Typically, one’s credit report will indicate that there were deferrals for the last two months after payment of the mortgage for a couple of months. Also, [...]
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CMHC Insurance Update 2020 The CEO of the Canada Mortgage and Housing Corporation (CMHC), Evan Siddall, is urging lenders and mortgage default insurers to tighten underwriting and qualification standards in order to salvage the economy. Mr. Siddall made the request in a letter to CMHC-approved lenders and the country’s two other mortgage insurers. Some [...]
AWARD-WINNING CAREER ADVICE FROM FEMALE MORTGAGE TRAILBLAZERS The award-winning leaders reflect on key victories in their journey to the top and the insights gained along the way. Catch Donna Mullen at the all-new virtual Canadian Mortgage Awards 2020. Register below for FREE. Agenda TIME LOCATION ACTIVITY 12:00 [...]
Donna Mullen nominated as a finalist at the 2020 Canadian Mortgage Awards Donna Mullen Mortgage Broker / Business Woman from Southern Georgian Bay has been nominated as a finalist for The Home Trust Award : Woman of Distinction. She has also been asked to speak alongside other finalists and share their leading insight. [...]
You have been making plans to buy a home when the COVID-19 hit Canada. Now, you’re wondering whether to go on with your plans or wait. The property market around the country is changing rapidly, but with record-low mortgage rates, now may be a great time to purchase a home. Here’s everything you need [...]
July 1 2020 These changes are not that different than what we deal with today. Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42; Establish minimum credit score of 680 for at [...]
The challenge of a down payment on a house in Ontario There’s nothing quite like the satisfaction that comes from buying your first home. For many prospective buyers, however, the process can be really challenging. But what is the biggest obstacle facing first-time homebuyers in today’s market? Although an increasing [...]
First time home buyer in Ontario Seniors are making it more difficult for younger people to buy homes in Ontario and especially Toronto, CMHC report shows. A growing trend among Greater Toronto Area seniors to stay in their homes longer instead of downsizing has generated greater uncertainty for Canadian Millennials [...]
New Survey says Millions of Canadians Too Ashamed To Seek Debt Relief Are you struggling with debt and feel too ashamed to seek help? Well, Licensed Insolvency Trustees MNP recently conducted a poll which found that a whopping 46 percent of respondents failed to seek help because they were ashamed [...]
How to improve your credit score quickly! Credit scores constantly fluctuate, so it’s important to start taking steps to boost your credit score the moment you start your home search. The higher your credit rating, the better your chances of securing a mortgage, and the better your interest rates and terms. Here’s how to [...]