Category: Uncategorized
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Happy Father’s Day | Get Your Mortgage for a LilLez!
Approximately 2.5 billion Father's Day cards are sent each year. Neckties have become a popular traditional gift for Father's Day. "World's Greatest Dad" is a popular Father's Day phrase. Breakfast in bed is a common Father's Day treat. Wishing a fantastic Father's Day to all the dads who strive to be the best versions of…
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Toronto rent reporting group applauds government’s plan to include rent payments towards credit score.
A rent reporting company in Toronto supports the government's plan to include rent history in credit scores. The proposal aims to help renters by allowing on-time rent payments to be considered in credit reports. This initiative is seen as a positive step towards improving credit scores for renters and increasing access to financial opportunities. Continue…
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How Will Lower Rates Impact Mortgages and Housing? | Get Your Mortgage for a LilLez!
Interest Rate U-turn – Rates rose since March 2022 – Recently ↓ 0.25% – Borrowers to pay ↓, savers earn ↓ Savings Rates: – Prepare for ↓ rates – Factors: overnight rate, market, competition – Rates ~4%, likely to ↓
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Canada Caps Mortgages for High-Debt Borrowers | Get Your Mortgage for a LilLez!
Canada's banking regulator has introduced a cap on mortgages for highly indebted borrowers. The new rule is intended to prevent Canadians from accumulating too much debt.
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Rising Rates Trap Canadians, Only BoC Has the Key | Get Your Mortgage for a LilLez!
72% of Canadians are waiting for lower Bank of Canada rates before buying homes. High rates hinder passing the mortgage stress test, affecting buying power and home affordability.
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Mortgage practices up for review in Ontario
Homebuyers' increasing reliance on private mortgage lenders is a concern in the review of Ontario's Mortgage Brokerages, Lenders, and Administrators Act. The government is seeking public input on potential regulations or amendments. The discussion paper addresses consumer protection, professional conduct, new technologies, and oversight measures for mortgage administrators. Feedback is accepted until June 24. Continue…
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City Of Toronto Market Update | Get Your Mortgage for a LilLez!
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Get Your Mortgage for a LilLez! | OSFI Caps Mortgages for Highly Indebted Borrowers in 2025
Canada's banking regulator, OSFI, is imposing a cap on residential mortgages for highly indebted borrowers in anticipation of BOC rate cuts.Effective in Q1 2025, the new rule limits the number of mortgages a bank can issue exceeding 4.5X a borrower’s annual income.
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Get Your Mortgage for a LilLez! | Mortgage Renewals: Big Increases Ahead
Bank of Canada warns mortgage renewal rates will rise over 60% by 2026. Households with mortgages from 2021-2022 face highest financial pressure due to low initial rates.
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Get Your Mortgage for a LilLez! | Canada’s Lenders Reduce Mortgage Amortization Periods
Rising interest rates pushed amortization periods beyond 35-yr, posing risks to borrowers. Canadian lenders reduced mortgages exceeding 35-yr by 27% to $220B.