
In this blog, we are going to talk about how a client of mine was able to rearrange her finances such that she and her partner could mortgage qualify for a $400K target house in their neighborhood.
Posted by Chris Richards on Aug 23, 2019 4:50:32 PM
In this blog, we are going to talk about how a client of mine was able to rearrange her finances such that she and her partner could mortgage qualify for a $400K target house in their neighborhood.
Posted by Chris Richards on Oct 17, 2017 2:17:09 PM
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."
Posted by Chris Richards on Apr 22, 2015 9:11:00 AM
I had a client call the other day looking for information on a debt consolidation mortgage loan. They had a number of consumer debts the woman caller told me. She was pregnant and concerned about being able to afford all their payments on just her husband's income. She really wanted the option to be a stay-at-home mom without feeling compelled to return to work after the baby was born; could I help them reduce their monthly payments?
To find out if I could help, I had some questions for her; Shawna was her name...
The first question I asked Shawna was: do you already own a house (because a debt consolidation mortgage requires a house!)
The second question I asked was: how much is the house worth?
The third question I asked was: what do you currently owe on your mortgage?
The final questions was: what consumer debts do you want to get rid of?
Posted by Chris Richards on Mar 6, 2014 2:51:00 PM
(Last Updated: 2019)
Money can't buy you happiness, but it sure can help you reach some of your life goals. But your money won't manage itself. Reaching your first goal as a first time home buyer takes planning, and sometimes guidance from an outside source, like a mortgage planner. Here are five basic steps for reaching your financial goals.
Posted by Chris Richards on Jul 27, 2012 10:23:00 AM
Last Updated: May 2019
Personally, I think Canada is a great place to live with wonderful opportunities. At the same time, I can't help but worry some days about the current economic conditions in the world. Bank of Canada governor Mark Carney has been warning about the high level of consumer debt in Canada since early 2011, and in 2019 his replacement Stephen Poloz continues to sounding warnings. The Bank of Canada is not a bank, but rather in charge of overseeing Canada's financial system and health.
Posted by Chris Richards on Aug 4, 2011 9:39:00 AM
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