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The new mortgage rules expand “stress tests” for borrowers to include five-year mortgages, the most common kind of mortgage in Canada. Though mortgages are being offered at around 2.5 per cent today, the stress test requires borrowers to qualify at the Bank of Canada’s posted rate — currently 4.64 per cent. Some in the industry
Read MoreDesign If you are planning to build a house you will need a design. There are basically two routes to finding a good design. The first is to find an architect or designer that you like, the other is to shop for pre-drawn house plans online. Design is very personal and what works for your
Read MoreBad things happen to good people… we understand that. You have now gotten over the first major hurdle… completing your consumer proposal or being discharged from your bankruptcy – we know it has been a tough road for you so congratulations; you have a clean slate. The second hurdle is starting to rebuild your credit and
Read MoreSo, you’ve decided to take the big step and look into getting what will likely be the biggest loan of your entire life: a mortgage. Applying for a mortgage can be a bit of a nerve-wracking process, especially if your financial history is anything less than perfect. However, you shouldn’t let a few denials get
Read MoreWith the financial demands of school loans, living expenses, and finding a career path, many young people struggle to purchase their first home. Often, parents and grandparents are very sympathetic. They’ve enjoyed the financial benefits of long-term home ownership themselves, and see how hard it is today to make that important first step into the
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