Richards Mortgage Group Articles

Three-part series on best Canadian cities to invest in

(Last updated 2019) Yes and No. In Canada it is still possible to finance 100% of a property's value if you know the rules and criteria. BUT... you need excellent credit history and reliable employment. Here's how to purchase a home with zero-down payment.

Canada's banking regulator has once again updated its "B20" guidelines for residential mortgage underwriting, this time to include a financial stress test for buyers who don't need CMHC-mortgage insurance. OSFI (the Office of the Superintendent of Financial Institutions) said today that the changes will come into force the first day of January 2018 and will "reinforce a strong and prudent regulatory regime for residential mortgage underwriting in Canada."

Lately, in the news there has been considerable discussion about rising interest rates, our economy, inflation and references to the Bank of Canada and their role in increasing rates. How it all fits together can be confusing. The short answer is, rates go up and down as our economy heats and cools. If you want more detail, read on!

In this blog, I provide a refresher on the down payment (equity) requirements for residential mortgages. It is a very common question and the answer depends on many factors. It depends on the property type (house/condo, acreage, vacant lot, farm etc.), who’s going to live in or on the property, how you earn income, and your credit rating. It also depends on whether you are looking for purchase financing or to replace/renew an existing mortgage. In this article, I am going to try and simplify the various ‘lending rule books’ for you in only 600 words!

A reverse mortgage is a viable money strategy that allows some retirees to age-in-place, deferring the need to move to an expensive seniors living complex. As a senior, is your home equity really the sacred cow you have grown up to believe or can it be a tool to allow you to age-in-place, with dignity and in the comfort of your own home? Besides falling, the number one fear for many seniors is not having enough money to pay their day-to-day living expenses as they grow older. For those who still own homes, likely 90% of your net worth is the equity in your house while investments, RRSPs and TFSAs will make up the last 1/10th. The fear is real - only 30% of seniors have some sort of pension plan to fall back on, and CPP/OAS pays only about $1200/mo.