There are a variety of reasons that you might choose to sell your home before the mortgage term ends. The most common scenario is when you move to a new location or your family situation has changed with the addition of children or when they move out. In all these cases, your home no longer meets your needs, and you may want to break your mortgage contract. If you are considering selling your house early, make sure that you understand the costs that are associated with breaking the mortgage... [read more]

In March, our banking regulator, OSFI, announced that as of Q1 2025, it will cap the number of uninsured mortgages that each lender can issue where the loan amount is greater than 4.5 times the associated income. There was a lot of talk about what this means, and a lot of misunderstanding about how this may impact borrowers ability to qualify for a mortgage.  One of the biggest misconceptions I saw in social media and main stream media is that borrowers will not be able to get a... [read more]

When you purchase a home, a down payment is typically applied to the purchase price, and the balance is to be paid off over your term of the mortgage. The loan you receive from a lender in order to pay for the house is called a mortgage.  Simply put, a mortgage is a legal and binding agreement between a lender and a borrower for a specific amount of money that must be paid back within a predefined amount of time. The mortgage is a secured loan in that the house you are buying is... [read more]

Obtaining a mortgage can be intimidating and confusing. Similar to the buyer and seller guides, I’ve outlined the mortgage process for you in 4 easy steps! 
 
Step 1: Mortgage Application 
 Before an application gets filled out, it’s important to first asses yourself financially. Figure out how much money you have and how much you need to borrow. It’s always critical to sort out how much you can afford so that when you apply for a mortgage you will be able to... [read more]

Joshua's trusted mortgage professional & friend, Jordan Lee, shares her thoughts on the Bank of Canada's September 6, 2023 decision on holding rates.  The Bank of Canada's decision to hold interest rates today was primarily influenced by the recent GDP news for Q2 2023, which showed a surprising pace of 0.2%, significantly lower than the forecasted 1.5% for both Q2 and Q3 2023. Before the GDP figures were released, there was a 23% chance of a rate increase, but this... [read more]