Are you applying for a mortgage and are unsure of the documentation requirements? Find out what documents are necessary to apply for a mortgage -Mortgage Tree. Applying for a mortgage can be a daunting task. There are so many things to consider and so many documents to gather. But don’t worry, Mortgage Tree is here … Continue reading Documentation Needed for a Mortgage Application | Mortgage Tree
Wondering if it’s time to switch your mortgage rate from variable to fixed? Here are some things to consider. Is a Fixed-Rate Mortgage Right for You? As a homeowner in Canada, you may be considering whether or not to switch from a variable rate mortgage to a fixed-rate mortgage. Fixed-rate mortgages offer you payment stability … Continue reading Considering switching from a Variable to a Fixed Rate Mortgage in Canada? | Mortgage Tree
The Bank of Canada announced another rate increase in the Bank rate of .25bps on January 25th, 2023. This is the eighth consecutive rate hike. If market expectations are correct, it could be also be its last of this rate-hike cycle. as expected, the BofC raised rates by 25 basis points, bringing its overnight target … Continue reading Bank of Canada Increases 25 BPS
Despite calls to relax the mortgage stress test, the government has decided to keep it in place. Here’s why. It may not have come as a surprise to many, but the Office of the Superintendent of Financial Institutions (OSFI) recently announced it would be leaving the mortgage stress test unchanged moving into 2023. This means … Continue reading Why Canada’s Mortgage Stress Test Remains Unchanged | Mortgage Tree
Homeowners everywhere are watching as the Canadian government implements its new Prohibition on the Purchase of Residential Property by Non-Canadians Act, which went into effect on January 1, 2023. The Act defines residential property as any building with three homes or less and parts of buildings like a semi-detached house or a condominium unit. Fortunately, … Continue reading How the Prohibition on the Purchase of Residential Property by Non-Canadians Act Helps Canadians | Mortgage Tree
If you’re a first-time homebuyer, the First Home Savings Plan could help you save for your down payment. Learn more about this program and how it can benefit you. Blog Introduction: The First Home Savings Plan (FHSA) is a new tax-free savings and investment program set to launch in mid-2023. This program is designed to … Continue reading The First Home Savings Plan could help buyers | Mortgage Tree
Find out what mortgage options you have as an international buyer. Are you an international buyer interested in purchasing real estate in Canada? While it may seem daunting, obtaining a mortgage as a non-resident of Canada is not impossible. In this blog post, we’ll review the process and provide some tips on how to make … Continue reading A Guide to Mortgages for International Buyers in Canada | Mortgage Tree
If you’re in the market for a new home, check out the benefits of a builder rate hold! If you’re planning to build a new home, you may be wondering how to lock in a low interest rate for the mortgage on your new build. Our team at Mortgage Tree can help. We offer something … Continue reading The Benefits of a Builder Rate Hold | Mortgage Tree
A mortgage pre-approval is a commitment from a lender to provide you with funding for a home purchase, up to a certain mortgage amount, based on your financial qualifications. This document is typically valid for 120 days and allows you to shop for a home within that price range without having to re-qualify for a … Continue reading Mortgage Pre-approvals: Why They’re Important
As a homeowner, your mortgage is likely one of the biggest financial commitments you have. It’s important to stay on top of your payments and to be aware of when your mortgage is up for renewal. One way to do this is to sign up for a mortgage renewal reminder with Mortgage Tree. https://mortgagetree.ca/mortgage-tools/mortgage-renewal-reminder/ A … Continue reading The Importance of a Mortgage Renewal Reminder