Getting pre-approved can be a vital step to the home-buying process! But don’t confuse this with pre-qualification; you can get a pre-qualification through the My Mortgage Toolbox app to determine what you might qualify for. Pre-approval, on the other hand, means that a lender has stated (in writing) that you do qualify for a mortgage […]

As exciting as it is to start your journey towards home ownership (or even up- and down-sizing), there are a few things you should consider first. Most importantly, you need to determine your purchase range. Having the proper budget for your future home is the best way to ensure future financial success! To create a […]

Owning a home remains the largest single investment for most Canadians so it’s not surprising that the fear of an economy turned upside down hits home for many. The Canada Mortgage and Housing Corporation (CMHC) recently warned the pandemic, and resulting lockdown of the economy could drive Canada’s average home prices down by 9-18%. As job […]

There has been a lot of discussion around mortgage insurance qualifications as of late. We can rest assured knowing private default insurer Genworth Canada saw no need to follow CMHC and tighten its mortgage rules. Canada Guaranty, which has the lowest loss ratio in the mortgage insurance industry, made the same determination, saying, “Given the […]

In addition to yesterday’s announcement from Genworth Financial, Canada Guaranty confirmed that there will be no changes to their underwriting policy that we’ve seen contemplated as a result of recent industry announcements. “Canada Guaranty utilizes a dynamic underwriting process where our underwriting policies are consistently updated to reflect evolving economic environments and emerging mortgage default patterns. […]

Do you or a loved one live with a disability? I love learning how families can learn what options are out there to help them. While I’m not a financial planner, I am grateful to know the best ones. If you want to see how this can help you or a loved one, email us […]

Genworth MI Canada Inc. (the “Company“) (TSX: MIC) confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements. One of the Company’s competitors announced changes to their internal underwriting guidelines with respect to the aforementioned underwriting criteria on June 4, 2020. “Genworth Canada […]

I wanted to touch base to update you on what to expect with the new CMHC updates. Learn more about the update here and listen to Angela’s segment with Jill Bennett here. Who does this impact? People making a home purchase with less than a 20% down payment. There haven’t been enough details released at this time to rush […]

The CMHC just released its new underwriting criteria effective July 1st for those purchasing with less than 20% down. The minimum credit score will increase to 680 from the previous 600 Borrowing ratios of income percentage will tighten up a bit They will not allow borrowed down payments ie. Lines of Credit, credit cards Maximum gross […]

As an independent mortgage professional, I grow more and more grateful for the opportunity to help our clients get the best mortgage (without bias and while protecting their credit score) when I hear unfortunate stories like Kristina’s. Read it here. When Kristina Barybina’s income quickly dried up due to this pandemic she knew there’d be […]