More stress coming to the mortgage stress test on June 1?
On Thursday April 8 (yesterday), The Office of the Superintendent of Financial Institutions, OSFI (the Canadian Bank watchdog) announced that they are proposing changes to the current stress test rule. So basically, consider this the last-call bell to qualify under the current stress test until June
Why April is a critical time for self employed applicants
If you're self employed and qualifying for a mortgage right now (April), you are either gleaming with optimism or white knuckling your way to the finish line. And here's why...When qualifying as a self employed applicant, your qualifying income is determined from your most recent 2 year average (of
Inter Family Real Estate Transactions & Gifted Equity
Today I want to talk about how one could incorporate gifted equity when purchasing a home (with the proceeds of a mortgage) from a direct family member. So, in other words a transaction between two direct family members (mainly child and parent) can occur by the selling family member simultaneously
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