While Whalen Mortgages provides some of the lowest mortgage rates in Fort McMurray, getting a deal on a mortgage is only part of the home buying process. Here’s an overview of the home buying process Fort McMurray residents must follow if they can’t afford to buy the...

Fort McMurray residents recovering from a bad credit event like bankruptcy should do what they can to repair their credit. The question they face is: what is the best way to do so?  A good first step is opening two new lines of credit and then being careful in how you...

The Bank of Canada rolled out mortgage stress tests several years ago in a bid to ensure people could afford their homes. These stress tests require that potential home buyers could make their home payments if their income fell or interest rates went up. The interest...

A client recently called Fort McMurray Whalen Mortgages. She was our last hope. The big banks had told her that she didn’t qualify for her dream home, and if she didn’t have a solution soon, she’d lose the opportunity.   The banks had told her to go save up 10% down....

Andrew Scheer, the head of the Conservative Party, promised major changes to Canadian mortgage rules when speaking to the Canadian Home Builders’ Association or CHBA. The Conservative Party leader said that the combination of endless tax hikes and oppressive mortgage...

The 2019 budget includes a novel proposal – the shared equity mortgage. The shared equity mortgage or SEM would be backed by the CMHC as part of the First Time Home Buyer Initiative. This isn’t a brand new concept, since it has been tried in the U.S., Australia and...

Mortgage Default insurance is mandatory with less than 20% down payment. You are required to pay for mortgage default insurance if you have less than 20% down payment, this protects the banks if you were to foreclose on the property. In Canada we have 3 insurers CMHC...

Let’s talk about different credit issues and what they mean when applying for a mortgage.    Bankruptcy: If you have ever had a situation in life which all of us experience at one time or another bankruptcy may have been your only option. What does this mean when...

Websites allowing you to compare interest rates offered by lenders and get online quotes by your local bank haven’t eliminated the need for a Fort McMurray mortgage broker.  They Give You Options   Mortgage brokers know all of the options on the market. They can find...

The holidays seem to be stressful for everyone. Planning for end of the year celebrations and closing the books at work may add to an already hectic schedule. Here are a few holiday tips for Fort McMurray residents to make things a little less stressful.   Take time...