Home Inspections and Mortgage Approval

The majority of purchase agreements that we see at The Mortgage Group are made subject to a “financing condition” and a “property inspection condition.” These conditions have been typically thought of as separate and unrelated by the participants, and by the professional real estate representatives who create the agreements. Over the past few years we have experienced a number of situations where the inspection directly influences the approval of the mortgage, with unforeseen consequences to the buyer.

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RRSPs Can Help First-Time Home Buyers

Twenty years ago, I borrowed $10,000 from my RRSPs, under the federal government’s Home Buyers’ Plan, to help me purchase my first home. Since then, I have always been an advocate of the Home Buyers’ Plan. It’s a great deal for those looking to purchase their first home because they can borrow up to $25,000 from their RRSPs. Under the plan, you do not pay tax on the withdrawal because it’s like a loan that has to be paid back into the RRSP over a 15-year period. Each year, you have to pay back one-fifteenth of the borrowed amount. If you don’t, then the required payment becomes taxable that year.

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Mortgage Crackdown Threatens Economy » Report Says

Ottawa’s moves to crack down on the housing market go too far and are now harming Canada’s economy, the group that represents the mortgage industry says. The Canadian Association of Accredited Mortgage Professionals represents 12,250 mortgage professionals across the country.

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What Paperwork Do I Need To Get Approved For My Mortgage?

Buying real estate takes careful planning whether you are a first-time home buyer or buying your second or third home. Having the proper paperwork in order will make the process of getting mortgage approval that much smoother.

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Bank Of Canada Holds Rate Steady As Global Storm Clouds Gather

It’s been two years and counting, and Canada’s monetary policymakers are still looking to a stronger economy to provide a wedge to finally begin lifting borrowing costs.

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Mortgage Rates

Canadian Mortgage Rates
Last Update:
Current Prime Rate: 3.000%
Term Available Bank
Variable 3 Yr 2.900 (closed) 3.000
Variable 5 Yr 2.550 (closed) 3.000
6 Month 3.950 4.550
1 Year 2.740 3.750
2 Year 2.690 3.950
3 Year 2.540 3.990
4 Year 2.790 4.890
5 Year 2.840 5.240
7 Year 3.490 6.390
10 Year 3.690 6.750
Rates subject to change without notice.

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