Very excited to launch our first ever Holland Hot Seat session with Mortgage Broker Michelle Lapierre of Mortgage Tailors. After a similar session with our own office we wanted to start a series reaching out to colleagues and friends for their take on real estate, industry and life. In this episode Kerri-lynn and Michelle discuss the historically low mortgage interest rates, how they should affect your purchasing decisions and what we might be seeing come 2021. 



Michelle Lapierre is a Mortgage Broker with Mortgage Tailors and she is passionate about making the mortgage process a pleasant and empowered experience. She brings skills from a 10 year career in finance and professional sales to provide clients with top notch service. Michelle…

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On June 3rd, Canada Mortgage and Housing Corporation (CMHC) took the mortgage industry by surprise when they announced significant changes to their underwriting guidelines, effective July 1st. We’ve teamed up with Mortgage Associate Michelle Lapierre of Mortgage Tailors to share a breakdown of some of the changes and how they’re impacting buyers. Here’s her advice:

These will impact buyers with less than 20% down. The following week the other two mortgage default insurers in Canada, Genworth and Canada Guaranty, announced they would not be following the same tightening measures. This has taken most of the impact out of CMHC's changes, as lenders will just send files that do not fit CMHC's tighter measures to the two insurers that allow them. That…

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COVID-19 is impacting all areas of our lives right now, including mortgages and the current lending environment. We’ve teamed up with Mortgage Associate Michelle Lapierre of Mortgage Tailors to share a breakdown of some of the mortgage questions that are popping up in recent weeks. Here’s her advice: 

Is Real Estate Open?

Yes, real estate is still considered an essential service in Alberta and realtors, mortgage lenders, appraisers, and lawyers are allowed to be working right now. And, YES, people are still buying and selling homes right now. Wherever possible our industry members are meeting and working remotely and when in-person work is required, there have been adaptations to make it as safe as possible. Recent changes in real estate include…

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RBC has recently announced a cut in their 5-year fixed term mortgage rate, and with other banks expected to follow suit, now may be a better time than ever to look at locking in that mortgage on a new home.

A mortgage is a loan that is primarily used to buy a home. Lenders will loan you a large sum of money to cover the purchase of a property, using the home as collateral until repayment of the mortgage has been made. Finding the right mortgage to suit your needs may seem daunting at first but with these simple steps you’ll be on your way to home ownership in no time.

Step One: Find a Lender

Apart from the comfort factor, going to a bank where you’re already a customer can make the mortgage application process easier. You can always compare…

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If you're looking to buy a new home in 2018 you'll want to make sure you're familiar with the new mortgage rules. A new minimum qualifying rate has been set, also known as the "stress test" which impacts uninsured mortgages ( mortgage buyers with a down payment that is 20% of more of their home price ). 

Potential home buyers wondering how their buying power has been affected by these changes can reference our mortgage infographic below to help get a sense of what what their affordability will be based on income. If you have any questions about the new Canadian mortgage rules you can contact us and we'll be happy to help. 

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Starting in the new year those individuals applying for uninsured mortgages will face tougher rules when it comes to qualifying for a mortgage.

THE NEW MORTGAGE STRESS TEST 

 As of January 1st, 2018 the Canadian Mortgage and Housing Corporation has released a new stress test that home buyers will need to qualify for before receiving an approval.  Currently those buyers with down payments of 20% or more do not require mortgage insurance through CMHC.  According to the Financial Post, This market will now need to   “Qualify based on either the Bank of Canada posted rate for the five-year fixed rate product or two percentage points above their contracted mortgage rate, whichever is higher.” Currently uninsured buyers can qualify…

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