22 Oct 2012

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Mortgage Rule Changes: What Do They Mean?

Lets take a person earning $60,000, no debt and a credit score less than 680. Today this person could qualify for $353,000 in mortgage amount based on a 30 year amortization. After July 9, this same individual would be limited to $312,000 mortgage based on a 25 year amortization. Now lets take this same individual and suggest a credit score greater than 680. Today this person could qualify for $455,000 based on a 30 year amortization. After July 9, this same individual would be limited to $356,000 on a 25 year amortization. Aside from the obvious qualifying standpoint, limiting mortgage default insurance to homes under…

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24 Oct 2012

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Bank of Canada Maintains Status Quo

The Bank of Canada remains committed to the status quo as global headwinds continue to restrain economic activity.…

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22 Oct 2012

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Do Your Homework Before Getting a...

Why it pays to do your homework before you get a mortgage. Aside from being the biggest financial…

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22 Oct 2012

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65% LTV HELOC Has Arrived

And so it begins… Effective September 4, 2012 National Bank is implementing the new Home Equity Line of…

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22 Oct 2012

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Canadian Banks are Defrauding and...

Canada’s banking system has been the subject of international praise from economists grappling with global turmoil, but one…

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22 Oct 2012

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Our Best 10 Year Mortgage Strategy

My friend Nathan is a tax accountant and he is great at looking at things objectively. Last week…

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22 Oct 2012

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New Penalty Disclosures On The Way

In the past, financial institutions would not provide borrowers with the complex formulas and examples needed to accurately…

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