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Time to pay off your mortgage? – Use a mortgage calculator

Is it time to pay off your mortgage? Largest single asset owned The largest single asset owned by most Canadians is their house. Many homeowners have debt against their house in the form of a mortgage. Initially, a home buyer combines a down payment and mortgage to purchase their house. Home equity builds as the…
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Concerns about the rules and mortgage rates

Mortgage brokers, home buyers concerned about new ‘stress test’ rules New guidelines that will soon place restrictions on uninsured borrowers looking to secure a mortgage have – as one Ottawa realtor puts it kicked the pursuit of a home into “overdrive.” Earlier this month, the Office of the Superintendent of Financial Institutions (OSFI) released guidelines…
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Home Buyers Report – Don’t Fix It If It Isn’t Broken

Don’t Fix It If It Isn’t Broken By now you have likely heard that more changes to your ability to get a mortgage are arriving soon. But so what? Should you care? Short Version: Probably Not Long Version:  The five W’s below will help you answer the above questions and more Who is affected? Nobody…
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New Mortgage Changes – Are you financially ready?

New Mortgage Changes Decoded This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions). The Changes To The…
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