3 Lending Misconceptions Keeping You From Buying Your Dream Home
Are you a renter who dreams of owning a home? A surprisingly large number of renters can achieve their dream of owning Fort McMurray real estate but are held back by popular misconceptions. Misconception 1: Interest Rates Are Too High Interest rates are actually...
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...
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....
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...
How the correct Credit Cards will assist you through unhealthy Credit
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...
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...
Fort McMurray Whalen Mortgages says YES when the Banks say NO to your mortgage approval!
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....
Proposed Changes to Mortgage Rules and Their Impact on Fort McMurray Mortgage Customers
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...
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...
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...