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Private Lender Associations Beginning to Form

Ontario’s private lenders association began to take shape recently and without saying it out loud, it is about time. Private lenders, not to be confused with B lenders, are exactly that, they lend private individuals money. Whether it is in the form of a Mortgage investment Company (MIC) or whether they are a syndicated lender …

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Mortgage Renewal – Think Before You Auto Renew Your Mortgage

Mortgage Renewal Canada Before You Auto-Renew…Read This Once you have a mortgage, you normally settle into a pattern of payment. Most Canadians deal with the mortgage renewal process in much the same way. In fact, 85% of Canadians auto renew with their lender just because it’s simple. This means 85% of Canadians might be paying …

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Interest Rates On The Rise But Not For The Usual Reasons…

In July of this year the final step in controlling mortgages by CMHC and the Office of the Superintendent of Financial Institutions (OSFI) will come into effect. So what does that mean for the consumer in today’s markets? Effective July 1, lenders will no longer be able to directly place insured mortgages in non-CMHC approved …

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What Happens to your Mortgage in the Case of Fire

I’ve been talking with different lenders over the last week and as I said before they all have different guidelines for what happens. There are two scenario’s that have occurred in Fort McMurray, the one we all dreaded and your home is gone. The second is your home is still standing and you are unable …

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YEG Home Builders May Be getting The Message

The numbers for Edmonton Housing are out this morning for January and February and it looks like Edmonton Home builders may be finally realizing that the market is a little softer than anticipated. CMHC report which I have attached to this blog shows that new home starts this year, so far, are down 1100 units. …

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Is Your Mortgage Broker an Intermediary or Do They work For You…

Interesting conversations always happen when we have a RECA audit, now called a review because audit offended some people, and this years was no exception. The conversation started around our responsibility to the borrower and what we can or can’t say to them in regards to their mortgage. The question is basically this “Do you …

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What are Canadian’s doing about Mortgage Debt

In December, Mortgage Professionals Canada released its annual state of the housing market report and found that, on 2015, 36% of homeowners took actions to reduce their mortgage debt. While many homeowners think in terms of lump-sum payments, which are a great option, there are other ways to save money and pay down that debt …

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