The federal government has announced a new mortgage program geared to assist homeowners in adding space to their existing homes to create additional self-contained living spaces, such as basement apartments, in-law suites or converted garages. Currently, any refinance, no matter the purpose, is maxed out at 80% loan to value ratio (LTV). That means you […]
The federal government has announced two big updates to updates to CMHC eligibility for First-Time Homebuyers. Whether the changes are an effort to garner votes, or increase affordability is up for debate. THE FIRST UPDATE: INCREASE TO THE MAXIMUM VALUE Currently, CMHC-eligible insured or insurable mortgages are limited to home values of $1 million. The […]
Managing your down payment is not often something people think about when looking to buy a home. Of course, there are lots of things to consider when preparing to purchase a home, and the down payment is an important one. Often as mortgage professionals, we speak in general terms without getting into fine details. These […]
Despite earlier indications from the Bank of Canada back in January that they would be pausing further rate hikes, they just initiated their second hike since that time. The most recent 25 basis point increase on July 12th, adds to the previous 25 basis point hike, bringing the Bank of Canada overnight rate to 5%. […]
This might seem like part of a Dr. Suess rhyme but it is actually a legitimate and very pertinent question especially for first time home buyers. Read on to learn more about how a renter can help a renter be a home owner! As a Grimsby mortgage broker, I see and feel the pain of […]
As a Grimsby mortgage broker, I deal with many customers looking to take out a second mortgage. A second mortgage has benefits if done for the right reasons and knowing whether it is a good choice for your situation is something our Grimsby mortgage broker team can help you with. We’ll go over everything that […]
Obtaining a Hamilton or Grimsby mortgage can be overwhelming for any first-time homebuyer. With multiple different loan options available on the market today, our team at Canadian Mortgage Authority understands how confusing it can be trying to pick the best option for your financial situation. This is why we are devoted to educating every homebuyer […]
Obtaining a Grimsby or Hamilton mortgage requires you have sufficient income and a good credit score. As a first-time homebuyer, you may be unfamiliar with the importance of a having good credit. Well, here at Canadian Mortgage Authority, our team of experts has listed the main reasons your credit score could affect your mortgage. […]