The Mortgage Gal
Working mortgage 'miracles' at the last minute
Last week, I had a panicked call from a realtor I work with on a regular basis. One of her sellers had a sale that looked like it was going to collapse. The...
A cautionary tale about private lender mortgages
The easy fix isn’t always the right fix. I wondered how long it would take to see the fallout, as clients who were paying really low interest rates have...
Now is a good time to look at your finances
We are off and running in the early days of 2025, so today’s column will be short and sweet. I think many of us tough out difficult financial situations...
Dealing with bridge financing when selling your home and buying a new one
When clients are selling one home to buy another, realtors try their best to line up the sale date of the current home with the purchase date of the new home....
Getting ahead of yourself when buying a home
Do your homework. Be prepared. Make good decisions. Don’t gamble on an outcome and maybe, most importantly, don’t rush. These are lessons that can...
Dealing with mortgage conditions
Time is of the essence. Whether you are looking for a mortgage pre-approval, have an accepted offer on a home or are in the middle of refinancing, we are...
A guide to changing mortgage rules in Canada
Things are picking up. I have seen a significant increase in the number of purchases I am working on with clients. I did an informal poll of some of my realtor...
Getting a head start on planning for your mortgage is important
With the challenges in the mortgage world over the last few years, I’ve had a few people ask if I am still enjoying my work. It’s a fair question as...
New rule allows larger refinancing for secondary suite creation
Mortgage rule changes seem to be coming at us fast and furious. This isn’t surprising given that we are in an election year. Several weeks ago, I wrote...
Picking the right amortization differs depending on the homebuyer
When I am working with clients on their mortgage approvals, there are several decisions they need to make. The questions differ a bit based on whether we are...
Changes to mortgage rules aimed at making it easier to buy a home
Last week, the federal government announced significant changes to mortgage qualification rules. The changes are an attempt to make it easier for buyers to get...
Fixed rate mortgages versus variable rate mortgages
One of the questions I am most often asked is “should I take a fixed or a variable rate (mortgage)?” My answer to this question is different for...
Mortgage lender requests can be frustrating for borrowers
When it comes to mortgages, getting across the finish line is sometimes more challenging than getting your initial mortgage approval. Lenders have different...
Is it better to 'port' your mortgage or pay a penalty and start over?
Most lenders say that their mortgages are portable. What does that mean? The simplest way to explain “porting” is this – if you sell your...
Will latest Bank interest rate drop spur house sales?
With the announcement this week that (the Bank of Canada’s) prime (interest rate) dropped by a quarter point (0.25%), I had a number of calls from clients...
Do your mortgage renewal homework
Unprecedented activity five years ago means that there are now a significant number of mortgages up for renewal. Most clients initially sign a five-year...
Mortgage planning for next steps in life
While working with my clients, I take the time to understand not only what they are hoping to accomplish right now but also where they see themselves headed in...
Gauging impact of the Bank of Canada's lending rate change
On June 5, the Bank of Canada announced it was dropping its key policy rate. In practical terms, that meant the prime rate dropped by a quarter of a per cent....
'No' doesn't always mean 'no' but sometimes it does when it comes to mortgage applications
So, I ran into an odd situation recently. I worked with clients whose application is not completely straightforward. Their credit was squeaky clean and they had...
When it comes to mortgage rates, it pays to shop around
Mortgage rules have changed and evolved over the years. I was chatting with one of my broker friends to clarify one of the newer guidelines and she sighed and...