The Mortgage Gal
What will the impact of B.C.'s new real estate purchase 'cooling off' period be?
On Nov. 4, the Province of B.C. issued a news release outlining the plan to introduce legislation in the spring of 2022 to implement a cooling off period for...
In the current market, buying or selling a home can be stressful
Over the last few months I’ve talked about the pressure that home buyers are facing in our current housing market. Clients trying to buy homes are facing...
When it comes to mortgages rate is not always a deciding factor
Over the last two weeks, we’ve seen several lenders drop their fixed five-year interest rate. When deciding where to place my clients’ mortgages,...
Check your credit before applying for a mortgage
In the past I’ve talked about the importance of connecting with a mortgage professional before you head out shopping for a new home. Even if you...
Right time to buy a home?
Over the last year and a half or so I have watched multiple clients scrimp and save and try to figure out how to buy a home given their budgets and the...
There is a time and place for reverse mortgages
From time to time I have calls from clients who are retired or self-employed that have substantial net worth but little income on paper. These clients often own...
Buying a home together
It feels like the combination of outrageous rental rates, the stress test, and a hot housing market has pushed clients to find more creative ways to qualify for...
Stress test hasn't changed
Canada Mortgage and Housing Corporation (CMHC) recently reversed a policy decision implemented in July 2020. We’ve had a flood of calls asking if this...
Risky subject-free offers
When you start down the road of buying a home there are many new and unfamiliar terms you may hear. Arguably, some of the most important things you need to...
No isn't always no
Over the last few weeks I’ve had a few (pleasant) surprises with files I’ve been working on. When I take new applications from clients, I ask for...
Real-estate craziness
I’ve been doing a lot of thinking lately about the benefits of home ownership. Recent events have driven home the importance of family, stability, and...
Mortgage rules tightening
During the last few weeks, we have been waiting for an announcement regarding the mortgage stress test rate. That announcement came last week. Effective June 1,...
New mortgage or refinance?
After the last few months of craziness in the housing market, I’m hearing from clients reevaluating whether they still want to upgrade to a newer or...
Mortgages going sideways
This morning, on one of our broker forums, I read a question from another broker. He asked which lender would be able to finalize a mortgage for April 30 if he...
Mortgage rules changing
The Superintendent of Financial Institutions (OSFI) announced changes to mortgage qualification rules, on Thursday. The proposed change is set to come into...
Mortgage frenzy
Back in January, I shared my thoughts about the challenges that potential buyers are having trying to buy homes right now. I likened it to an episode of The...
Writing unconditional offers
Don’t. Just don’t. Have you heard stories about what happened when the Cabbage Patch dolls came out in 1976? People were fighting in stores trying...
COVID's emotional cost
COVID is catching up. I remember conversations from last March and April as we were trying to anticipate the implications and fallout from a world-wide...
Closing costs, then some
You’ve done your homework – saved your down payment, met with your mortgage broker and are pre-approved for a mortgage, connected with a reputable...
Lowest rate not always best
I take calls on a regular basis that start with the question “What’s your best rate?” My answer is never a quick one. Not all mortgage...