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Who Is An Income-Qualified Borrower?

Who Is An Income-Qualified Borrower?

WHO IS AN INCOME-QUALIFIED BORROWER? An income-qualified borrower is someone with sufficient employment income to service their mortgage.  The most important question for the lender is, “how will they repay this mortgage?” There are several ways a borrower...
What Is The B-20 Stress-Test?

What Is The B-20 Stress-Test?

Do You Understand the B-20 Stress Test? A recent survey shed light on the lack of knowledge surrounding the B-20 Stress Test.  The B-20 Stress Test has been in place for more than a year.  Surprisingly, 43% of Canadians are not confident they fully understand the...
Verifying Your Down Payment Source

Verifying Your Down Payment Source

Verifying Your Down Payment Source In recent months, money laundering has become a hotly debated topic.  Investigators have been bringing to light vast sums of money from criminal activities used to purchase real estate.  Focusing on British Columbia alone, estimates...
What Is A Mortgage Transfer/Switch?

What Is A Mortgage Transfer/Switch?

What Is A Mortgage Transfer/Switch? A mortgage transfer/switch is when you decide to transfer your mortgage from your current lender to a new lender. The most common reason for this is to take advantage of a lower interest rate. Your outstanding mortgage balance will...
7 Tips For Improving Your Credit Score

7 Tips For Improving Your Credit Score

Have you ever wondered how your credit score is calculated? What causes your score to go up or go down? Most Canadians have no clue. Over the years, I have seen hundreds of credit reports and put together a list of 7 tips to improve your credit score. WHY ARE CREDIT...
What Is An Interest Adjustment Date?

What Is An Interest Adjustment Date?

WHAT IS AN INTEREST ADJUSTMENT DATE?   The interest adjustment date (IAD) typically falls on the 1st day of the month following your mortgage closing date.  The interest adjustment date determines the period of time between the date the funds are advanced and the...