Apparently, the finance ministry’s legal oversight of the pink elephant, aka CMHC, was long overdue… In March, Maclean’s warned that the Canada Mortgage and Housing Corporation, the quasi-governmental insurer that underwrites $500 billion of residential mortgages, answers to no one—not Canada’s top financial regulator or even the minister of finance. That all quietly changed last month [...]
You may be surprised to learn how long certain information, actually stays on your credit bureau. As you probably know, credit is one the most important factors in the mortgage approval process. The length of time that information must stay in your report depends on: the province or territory where you live, and the type [...]
Q: My friend just bought a rental property in Vancouver and she bought it with only five per cent down. How did she do that when CMHC changed the rules earlier requiring 20% down? A: Although CMHC will only finance a rental property with 20 per cent down, they’ll still finance a “second home” with as [...]
From now on you may want to reconsider paying $23.95 to Equifax for your credit score. You might be surprised to hear that what you get, may NOT be what you expect. You like me, probably believe that when you pay the additional $23.95 to Equifax, you’re getting the score that lenders rely on to [...]
Have you ever heard of the “Straw buyer” scheme? And it has nothing to do with farming.. It’s another term for mortgage fraud. The “straw” or “dummy” home buyer scheme. For example, a renter does not have good credit or maybe he/she doesn’t not have the income needed to get a mortgage, or sufficient down [...]
The kitchen is the heart of the home, and it’s the most highly valued room by buyers, so you want to make it show its best. Here are some tips to create a captivating kitchen: You can cut down on visual clutter by removing items you normally store on the counter. This will help your [...]
That’s the question on every homeowners mind. There are two key survival strategies. The first is to think long term, have a plan and stick to it. History shows that this plan of action can pay off. The second tactic is to outperform the market. This means ensuring your property increases in value at a [...]
If your credit is less than stellar, applying today may actually make your credit worse. Don’t get me wrong, I’m not saying don’t apply. I’m saying, don’t apply yet. Do you suspect there may be an issue with your credit, if so, you’re better off pulling your bureau yourself. Your score will not be harmed [...]
OUTSIDE: Trim all shrubs. Pull all weeds. Flowers planted. Leaves raked. Water lawn to keep green. Pick up and discard or store all implements, materials and debris that are not part of the lawn decor. All windows washed. Garage should be swept, neat and tidy. During the winter, all walks and drives should be shoveled [...]
You like me are probably looking at your T4 slip from last year or maybe even your most recent pay stub and asking yourself, where the heck does it all go? Sure, you wish there were a few more zeros on there, but it’s the vanishing act that’s the killer. Tax time is the worst, you can see [...]
