The Benefits of Listing This Winter  

What are the benefits of listing your Fort McMurray home in winter?   There is less competition in the winter months. Fewer people are listing their homes because they think there is lower demand. It also means there is less competition for you as a seller since less...

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The Benefits and Risks of Co-Signing for a Mortgage

Tighter mortgage rules intended to cool off hot real estate markets like Toronto and Vancouver are impacting Fort McMurray home buyers too. For example, the mortgage stress makes it harder to qualify for a home loan even though you have good credit and a good income....

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The Home Buying Process for Fort McMurray Residents

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...

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Canadian Government Lowers Qualifying Rate for Stress Tests

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...

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An Introduction to the First Time Home Buyer Initiative

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...

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Let’s talk about different insurances and what they do?

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...

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Past Credit Issues stopping you from getting a mortgage?

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...

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