No Stress Test Required

No Stress Test Required

Mortgage App

Whether you’re in the market for a new mortgage or looking to renew, switch, or refinance your existing mortgage, we make it convenient and straightforward. No stress test required!

 

 

Here are some of the ways we are making your home investment more affordable*: 

1.

Increase your home budget (maybe upgrade your neighbourhood as well).
Conventional, income-qualified purchase now 3.34%, qualifying at the Contract Rate and with a 30-year amortization. No Stress Test and no insurance required.

2.

Refinance your existing mortgage at a lower rate (so you have more money in your pocket).
Conventional, income-qualified refinance now 3.44% and qualifying at the Contract Rate and with a 30-year amortization. No Stress Test required.

3.

Self-employed? We give you a break as well.
Conventional Non-Income Qualifying program purchase and refinance now 3.64% and qualifying at the Contract Rate and with a 30-year amortization available. No Stress Test required.

 

Our Mortgage Calculators https://yourmortgageyourway.ca/calculators/ show how much you can save by changing your payment frequency or making extra payments, as well as helping you understand how much you can afford for your new home.

Plus, YourMortgageYourWay.ca takes the stress out of talking to a Mortgage Agent!

Please get to know us at https://yourmortgageyourway.ca/team-contact/

* Available for new files only- not available for existing applications.
Limited time offer.
Subject to change without notice.

 



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Do you know how much you can afford? We have an app for that.

Do you know how much you can afford? We have an app for that.

Mortgage App

We’re dedicated to providing you with all the information you need to make a well informed decision on your mortgage financing. So we built an app that will give you insight on all your mortgage needs – right from your mobile device. When you download the MCC Home Centre app, you get quick answers from the mortgage scenario builders and calculators instantly. It’s user friendly and the best mortgage tool available in Canada (just ask our clients and partners!).

Do you know how much you can afford? Start planning your mortgage by downloading the YourMortgageYourWay.ca App today from the App Store or Google Play!

Here are just some of the tools you’ll be getting for free:

  • Calculate your total cost of owning a home
  • Estimate the minimum down payment you need
  • Calculate the maximum loan you can borrow
  • Stress test your mortgage
  • Estimate your Closing costs
  • Calculate Land transfer taxes and the available rebates
  • Search for the best mortgage rates
  • Compare your options side by side

Best of all, you can email summary reports to share with your realtor or significant other.

Download on The App Store or Google Play at

 



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Give us a call  +1 416-640-0930 or send us an email to  info@yourmortgageyourway.ca

New CMHC Guidelines could open doors to financing for self-employed

New CMHC Guidelines could open doors to financing for self-employed

Mortgage for self-employed Canada

Earlier this year, we asked the question “Why is it so hard to get a mortgage when you’re self-employed”. Here is a link to the blog post in case you missed it.

And then, this summer, CMHC promised to make it easier for self-employed to get a mortgage: https://www.theglobeandmail.com/business/article-cmhc-aims-to-make-it-easier-for-self-employed-to-get-a-mortgage/

The following table outlines enhancements to CMHC’s guidelines, which apply to transactional and portfolio insurance (1-4 unit residential properties) took effect October 1, 2018

The noted enhancements to CMHC’s guidelines for satisfying income and employment requirements for self-employed borrowers are effective as of October 1, 2018.

Please note that the establishment of these CMHC guidelines does not preclude Approved Lenders from observing their own lending practices.  As such, implementation of CMHC guidelines may vary among lenders. These new guidelines are meant to be principle based and not to be too prescriptive to provide maximum flexibility for lenders.

In case you missed it, earlier this year we talked about the CMHC insurance premium and the impact it is having on homebuyers.

Global News, The Morning Show with Roy Cocciollo, Why home buyers are being left with less     Roy Cociollo, radio AM640, Toronto, Mortgage Talk

Why is it important to talk about self-employed Canadians?

“Self-employed Canadians represent a significant part of the Canadian workforce. These policy changes respond to that reality by making it easier for self-employed borrowers to obtain CMHC mortgage loan insurance and benefit from competitive interest rates.”
— Romy Bowers, Chief Commercial Officer, Canada Mortgage and Housing Corporation

Self-employed Canadians are key contributors to strong and vibrant communities and make up about 15% of Canada’s labor force. However, they may have difficulty qualifying for a mortgage as their incomes may vary or be less predictable.

According to Canada Mortgage and Housing Corporation (CMHC), they are making a number of changes aimed at giving lenders more guidance and flexibility to help self-employed borrowers:

  • Providing examples of factors that can be used to support the lender’s decision to lend to self-employed borrowers who have been operating their business for less than 24 months, or in the same line of work for less than 24 months such as acquiring an established business, sufficient cash reserves, predictable earnings and previous training and education; and
  • Providing a broader range of documentation options to increase flexibility for satisfying income and employment requirements when qualifying self-employed borrowers such as the Notice of Assessment (NOA) accompanied by the T1 General, the CRA Proof of Income Statement and the Statement of Business or Professional Activities (T2125) to support an “add back” approach for grossing up income for sole proprietorship and partnerships.

 



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How The Credit Cycle Impacts Ontario and Canadian Real Estate Prices

How The Credit Cycle Impacts Ontario and Canadian Real Estate Prices

Mortgage for self-employed Canada

Understanding How The Credit Cycle Impacts Canadian Real Estate Prices Chart

Source: https://betterdwelling.com/understanding-how-the-credit-cycle-impacts-canadian-real-estate-prices/

Credit cycle can be simplified into four categories – recovery, expansion, downturn, and repair (as shown in the graph above). The cycle is based on availability of credit, and the expansion and contractions it makes. Since credit availability and income are major factors in home buying, it plays a pretty big role in the housing cycle as well.

The Bank of Canada just warned about 8% of the population will be impacted by rising interest rates.

A recession is a necessary correction of human and financial capital. During the repair phase, the reallocation begins. Households deleverage, meaning household debt decreases. Unemployment begins to drop, and credit defaults start to bottom. Interest rates are about as high as they can get, and may start getting cut. Asset prices start to make a gentle climb back higher.

Learn more: https://betterdwelling.com/understanding-how-the-credit-cycle-impacts-canadian-real-estate-prices/

 



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Give us a call  +1 416-640-0930 or send us an email to  info@yourmortgageyourway.ca

Millennials and the GTA Home Market

Millennials and the GTA Home Market

Why are millennials finding it so difficult to get into the GTA housing market?

A new report by Ryerson University finds that over the next decade, 700,000 millennials in the Greater Toronto and Hamilton Area (GTHA) will move out of their parent’s home in search of their own.

Policymakers seem to be focused on the demand side of the equation, when the issue appears to be housing. We need more starter homes such as duplexes, row houses and stacked townhouses in the GTHA. This could help relieve some of price pressure from the increased millennial housing demand.

To give millennials a voice at the upcoming provincial elections, Ontario Real Estate Association (OREA) has launched the Keep the Dream Alive campaign. The campaign is aimed at helping ensure that affordable homeownership remains a top priority in the provincial election. Millennials don’t just need affordable housing; they need housing that they can afford. By joining the campaign, you can do your part to ensure homeownership remains within reach for future generations.

Sign up for the Keep the Dream Alive campaign and send a strong message to your local candidates that housing affordability for millennials truly matters.

Watch our video interview with Jon-Carlos Tsilfidis, President at Fairside Homes, Board of Director at http://www.bildgta.ca, Chair at http://www.chba.ca/. In this Q&A, he will answer your questions such as:

“Why are millennials finding it so difficult to get into the GTA housing market?”


Housing affordability is a complex subject. What is common to all three definitions is lack of supply. Not enough new housing is being built for sale or rent, and there is not enough not-for-profit rental housing to meet the need. This results in higher prices, higher rents and long wait lists.

Read more: https://www.thestar.com/life/homes/opinion/2018/06/02/gta-housing-policies-must-focus-on-increasing-supply.html

 



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First-Time Buyer Tips: What to Expect From the Home Inspection

First-Time Buyer Tips: What to Expect From the Home Inspection

Variable Mortgage Rates

By Kris Lindahl

Home inspections are a fairly standard contingency for most home buyers so they can be assured their home is structurally sound before moving in. But many buyers don’t understand the nature of home inspections and how important it is to have clear expectations of what they do. To clear up any confusion, learn more about what home inspections do, how they happen, and what buyers can do if the inspector finds a problem.

Finding the Right Inspector

It’s important to check the reputation of an inspector before moving forward with one or the other. Some have been known to downplay the problems they find, either because they’re loyal to a third party or because they simply don’t understand the extent of a problem that’s staring them right in the face. Inspectors are regulated in some provinces like Alberta and British Columbia, which can make it easier for buyers find qualified professionals. But in places where they aren’t regulated, such as Ontario, it’s especially helpful for buyers to do their homework.

Dos and Don’ts

A home inspector is primarily looking for damage or degradation throughout the home. They’ll check everything from the state of the floor sills and joists to the stability of the roof and the foundation. A good inspector will be able to spot warning signs such as mildew as well as note the presence of cosmetic problems such as peeling paint. What a home inspector won’t do is make any kind of changes to the home. They’re not authorized to break down walls to ensure the pipes are entirely up to code or tear up floors to guarantee the electrical wiring isn’t starting to wear away.

Why Home Inspections Matter 

If an inspector can only tell the home buyer so much about the structural integrity of their home, then buyers may question if it’s even worth it to hire one. But while a home inspector isn’t all-knowing, they can see far more than a home buyer or even a real estate agent can when it comes to the quality of the components and the longevity of the home’s design. A home that’s been poorly tended to over the years or one with shoddy construction will often have small problems that no one catches until they balloon into catastrophes. Just a small gap in the foundation can be just the invite insects need to take over the home, and a home inspector can catch that gap long before the infestation occurs.

How It Happens 

Inspections take between 2.5 to 3 hours to inspect both the interior and the exterior of the home. Inspectors will be looking at everything from circuit panels to distribution piping to drainage, so buyers are highly encouraged to attend the inspection as inspectors go about their work. Home inspection reports are not only detailed, but they’re also confusing to people outside the industry. Buyers may not know the terms, which can cause them to either make assumptions or give up halfway through. Going with the inspector gives buyer a chance to ask questions in real time, which can be the key to understanding what they’re about to jump into.

How to Handle a Problem 

If an inspector does happen to find something, a buyer has a few different options if they made their offer contingent on the home inspection. They can either back out of the sale, request the seller fix the problem (either in full or in part), or take responsibility for the issues themselves. In the case of purely cosmetic (inexpensive) repairs, it usually makes more sense to swallow for the buyer to swallow the cost of the repairs. Escrow periods can be complicated enough without adding additional conditions. However, it the case of major trouble, buyers may want to consider taking the either canceling the sale or demanding the seller fixes the problem.

Home inspectors perform a valuable service to buyers, even if they can’t predict the future. They’re often the only thing that can stop a buyer from making a huge mistake. Once buyers have a better understanding of what they do, they can make better decisions about whether or not to follow-through on their original offer.

 



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