New 30-Year Amortization Incentive for First-Time Home Buyers in Canada

General Michael Greene 1 Aug

Advocates are commending Ottawa’s Department of Finance decision to extend the amortization period on insured mortgages for some homebuyers, while suggesting that expanding this policy to all Canadians would enhance home ownership affordability. During a speech in Toronto on Thursday, Finance Minister Chrystia Freeland revealed that the federal government will now permit a new 30-year […]

How the Bank of Canada Rate Cut Will Impact Your Mortgage?

General Michael Greene 24 Jul

Understanding the impact of the Bank of Canada rate cut on your mortgage is important. In an increasingly complex mortgage market, one major factor influences many Canadians’ ability to own their homes: interest rates. The recent drop in the Bank of Canada’s (BoC) prime rate by 25 basis points to 4.5% has a significant ripple […]

Unlock Savings: Top Refinance Options for Homeowners in 2024

Refinancing Michael Greene 20 Jun

Unlock Savings: Top refinance options for homeowners to consider in 2024. Hey there, fellow homeowners! If you’re reading this, you’re probably wondering if refinancing your mortgage is the way to go. Spoiler alert: it just might be! As a friendly mortgage broker who’s seen it all, I’m here to guide you through the maze of […]

Top 5 Most Affordable Housing Market in Ontario

First-Time Homebuyers Michael Greene 7 Dec

When it comes to affordable housing there is only one questin that comes to mind. Where in Ontario can you currently get the most bang for your buck? As the Ontario real estate market bounces back from the coronavirus pandemic, many homebuyers may think they may have missed out on the brief opportunity at the […]

New Qualifying Rate for the Mortgage Stress Test

General Michael Greene 23 Jul

For the first time in three years, the Bank of Canada, on Friday lowered the qualifying rate from 5.34 percent to 5.19 percent. A typical mortgage application is tested against this five-year benchmark rate or the qualifying rate plus two percent, depending on which one is greater. This slight decrease could make a big difference for many […]

How to Get a Mortgage as A Self-Employed Canadian

Mortgage Tips Michael Greene 22 Jul

You may not fit in the neat boxes at the bank. At Mortgage With Mike we don’t have boxes, we have solutions! Self-employment is becoming more and more popular amongst Canadians, who account for 15% of the population according to Statistics Canada. We have an entrepreneurial spirit and are very hard working. The problem is […]

Mortgage Debt Ratios: Basics of GDS & TDS

Mortgage Tips Michael Greene 15 Jul

How are GDS and TDS calculated? You may use a mortgage calculator to determine your qualification when applying for a mortgage, it will give you have an idea of where your GDS/TDS mortgage debt ratios line up. But when applying for a mortgage first step, lenders will use the “Five C” rule when analyzing someone’s […]

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