Mortgage stress test will leave home buyers cold

Over the last few weeks, there has been discussion about the effects of the new rules to qualify for mortgages, commonly referred to as the stress test.

Some commentators, myself included, have indicated that with the already cooling housing market and mortgage rates up 75 basis points, it’s time for a discussion about whether the test needs to be adjusted.

The stress test means new home buyers must qualify for a mortgage with two per cent added onto the Bank of Canada Benchmark five-year rate.  (Sean Kilpatrick / THE CANADIAN PRESS)

The test, which came into effect in 2018, was intended to protect […] Read more

Are You Ready to Buy a Home? – ZING Blog by Quicken Loans

It’s a big question. If you’ve never owned a home before, you might be wondering when and if you will ever be able to. With so many factors going into the mortgage approval process, many people – especially younger, first-time home buyers – might think that homeownership is too steep a hill to climb.

However, while there are hurdles to becoming a homeowner, it’s not necessarily the non-starter that many people think it is. Sure, maybe it was easier to get into a home when your parents were your age, but that doesn’t mean it’s impossible for younger generations to own […] Read more

3 Tips to Tackle Student Debt from the Student Loan Doctor

Sonia Lewis knew she had a problem when she couldn’t afford nachos.

Forced to turn down a friend’s invitation to dinner because her bank account was overdrawn yet again—something that happened so frequently she called herself the “Overdraft Queen”—Lewis realized just how much trouble she was in. Her grandmother, who’d been her “financial security blanket,” had recently died. And her unexpected death forced Lewis to accept reality: Nobody was left to bail her out if she couldn’t pay her bills.

“If you fail with money or if you win with money, it’s going to be on you,” she remembers thinking.

That was […] Read more

Altus: Half of Toronto Real Estate Buyers Were First-Time Buyers

Toronto real estate is super expensive, which is why there’s so much political support for first-time buyers… right? What if we told you  first-time buyers might be a large part of why prices are so high? Altus Group, a massive real estate insight company, published survey results on first-time buyers. The claim that first-time buyers need more support to get into the market seems to be largely unfound. In fact, the survey showed that inexperienced buyers are likely a significant driving force in this price expansion.

Toronto Real Estate Buyer Characteristics

Toronto real estate buyers have been relatively young, inexperienced, and don’t […] Read more

5 Things to Know About Mortgage Loans and Bad Credit

Believe it or not, your credit doesn’t have to be stellar to get a mortgage. Many banks and mortgage lenders only extend mortgage loans to applicants with at least a 640 credit score. However, not all lenders are created equal. And it is possible to get a home loan with what a score below 600, which is considered bad credit. The “but,”bad credit is going to cost you in higher interest payments.

What Credit Score Do I Need to Get a Mortgage?

The answer depends on the mortgage. There are two main types of mortgage loans:

Conventional loans—loans not secured by a government […] Read more

Striking Denver teachers speak out

Striking Denver teachers speak out

Rebecca Decario
13 February 2018

Teachers in Denver, Colorado are continuing their strike over merit pay and the chronic underfunding of the school system by city and state Democratic Party officials. There is broad support among students and parents for the strike, with many students walking out of school to join the picket lines and protests by their teachers.

As the hundreds of teachers marched the mile to Civic Center Park, near the State Capitol Building, cars honked, and people came out of the neighborhoods and stores […] Read more

VA Loans: Everything Veterans Need To Know

What is a VA loan?

Homebuyers who are considering a VA loan, but have questions, have come to the right place. Applying for a mortgage can be complicated enough even without adding a VA loan to the mix.

With so many steps, the VA loan process can sometimes feel overwhelming. In reality, the process can run smoothly if you know the basics and find a lender who’s knowledgeable and can walk you through it.

Common questions homebuyers ask about VA loans include:

What benefits do VA loans offer?

Who can get a VA loan?

What are VA loan requirements?

What are the benefits of VA loans?

For eligible […] Read more