10 Nov

How to get the best Credit Score EVER!

General

Posted by: Jenni MacDonald

The Equifax Credit Score uses a numerical range of 280 to 900, where higher scores indicate lower credit risk.  Banks will want clients to be at a score of 700 or higher!!  While no one knows the exact formula (except the inventor, Fair Isaac Corporation), Beacon scores are roughly based on: Here are a few […]

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19 Oct

Should I Declare Bankruptcy or File for a Consumer Proposal?

General

Posted by: Jenni MacDonald

Many people go through challenges in life that affect their finances.  Whether it’s divorce, job loss, health issues, or a worldwide pandemic, it can be difficult to get your finances sorted out and back on track.  Too often, people wait YEARS to confront their debts and are then overwhelmed and not sure where to go […]

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17 Jun

Changes to the Stress Test and What You Need to Know

General

Posted by: Jenni MacDonald

As you may have heard, the Bank of Canada recently changed the stress test rules as of June 1, 2021. With these changes, now both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The new qualifying rate on uninsured mortgages – where the down payment […]

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19 Apr

Credit Score & Mortgage Approval

General

Posted by: Jenni MacDonald

YOUR CREDIT SCORE IS YOUR POWER WHEN APPLYING FOR A MORTGAGE With all the recent mortgage changes, your credit score is more important than ever.  Most Lenders rely on the “Equifax” score.  Equifax calculates a credit “risk” score out of a maximum score of 900.  A score of 700 or higher is considered an excellent […]

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10 Mar

GETTING READY FOR THE 2021 SPRING MARKET!

General

Posted by: Jenni MacDonald

The Cornwall and Area real estate market has been hot for over 10 months now and by the looks of the current trend, it will just get hotter for the spring market.  Prices are increasing at an unprecedented rate.  Whether you are getting ready to purchase your first home or considering selling your current house […]

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10 Nov

Do You Need A Down Payment ?

General

Posted by: Jenni MacDonald

If you are purchasing a personal home or a duplex that you are going to live in, you will need a down payment of at least 5% of the purchase price.  Triplex and fourplex properties (in which you will live), requires at least 10% of the purchase price for the down payment.  A property with […]

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16 Sep

Is Now A Good Time to Make Changes To Your Mortgage?

General

Posted by: Jenni MacDonald

Refinancing/Switching/Transferring Your Mortgage With housing prices increasing and mortgage rates dropping to record lows, right now may be the best time to change your mortgage.   HOW MUCH CAN I GET WITH A REFINANCE? Current mortgage rules allow a maximum amount of up to 80% of the appraised value to be available for a refinance.  […]

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23 Jun

CHMC Announces Changes to Underwriting Criteria

General

Posted by: Jenni MacDonald

On June 4, 2020, CMHC announced that they were tightening the underwriting policies for insured mortgages.  This means that if you have less than 20% down payment on the purchase of a new home, the rules will make it harder to qualify and you will qualify for less financing than before July 1, 2020. The […]

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25 May

Why Use a Mortgage Broker During COVID-19 Restrictions?

General

Posted by: Jenni MacDonald

Going to your Bank is a hard habit to break.  We are used to going to our bank for all things mortgage, but is this really the best option when you are searching for a mortgage during the COVID-19 restrictions? Here are some reasons that my clients would recommend using the services of a Mortgage […]

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11 May

Need Some Funds To get Through the Devastation of COVID-19?

General

Posted by: Jenni MacDonald

A refinance can help! This is a challenging time for many of us.  But help is out there.  If you’re struggling financially, a refinance might net you some extra cash. Refinancing Your Home While the Government and Banks have provided some programs to help with cash flow through this difficult time (please contact your lender […]

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