When it comes to buying a home, most buyers instinctively think the bigger the down payment, the better. It seems logical—reduce your mortgage and pay less interest over time. But what if there’s a smarter way to allocate your down payment? One that enhances your purchasing power and even improves your lifestyle, without costing more…
Buying a first home is a big financial milestone—and for many, it’s also a challenge to save enough for the down payment. Rising home prices and borrowing costs have turned down payments into a serious financial challenge for many Canadians. Fortunately, if you and your partner each have $75,000 saved, you’re already on the path…
When shopping for mortgages, you’re likely to come across terms like insured, insurable, and uninsured mortgages. These classifications impact the type of property you can purchase, how much you need for a down payment, and the interest rates available to you. Let’s break down what these terms mean, their requirements, and examples to clarify how…
Alternative payment arrangements when facing financial difficulties. Unforeseen financial circumstances happen. Sometimes, they affect your ability to make regular mortgage payments. The good thing is that you have options. It’s important for you to take quick action quickly. If you can’t pay your mortgage, you need to get in touch with your mortgage professional at…
When you buy a home with less than 20% down, mortgage default insurance is mandatory.Most people assume it’s just something that protects the lender — not them. But what many homebuyers don’t realize is that default insurance often comes with built-in protections for homeowners, too.Some insurers offer valuable support programs that can help you keep your home if…
Let’s keep this simple. If your mortgage rate is 5%, and your investments return 7%, then every extra dollar you put toward your mortgage is a 2% loss. Still feel good about paying down that house? In 2025, this is one of the most misunderstood dynamics in personal finance. Most Canadians are still stuck on…
Key Updates 1. 30-Year Amortizations 2. Higher Price Cap 3. Newly Built Homes Focus • Homes must be owner-occupied and not previously used for residential purposes. What This Means for You
Current rate:The greater of the mortgage contract rate plus 2% or 5.25%. The minimum qualifying rate (MQR) for uninsured mortgages is a mortgage stress test applied by lenders to borrowers. OSFI obliges federally-regulated lenders to apply this stress test to their borrowers. This helps lenders prepare borrowers so they can continue to make mortgage payments…