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Let’s say you are on the bubble for qualifying for a particular mortgage amount. Aside from credit score and other paperwork, etc. what are the key factors that can make a difference to being approved or declined?

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The next Bank of Canada interest rate announcement is scheduled for April 18. There are six more opportunities for the BoC to move interest rates this year. Between the rate announcements, the market and economists love to speculate on what might happen next. Everyone watches the reports from Stats Canada to figure out what direction the economy is moving.

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Key Questions for a mortgagor: I got my mortgage before these changes were announced. What happens to me at maturity? Will the bank renew me? Can they decline me? Will I have to sell my house if I don’t qualify? Ahhh!!!

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There is a shift towards Protectionism in the US. It won’t happen suddenly and overnight, but the lines have been drawn. Everyone is on notice that the largest economy is protecting its people – at the short-term expense of everyone else. It’s only natural that other countries will retaliate. This will cause trade to slow and global economic growth to slow.

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Conventional mortgage wisdom has taught us for years that putting down 20% for a down payment will save you tremendously. The reason is, in Canada, you are required to pay default mortgage insurance for down payments less than 20%. The standard premiums are based on the Loan-to-Value (LTV), which is simply the Loan Amount / Property Value.

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Stats Canada released the Retail Trade numbers and the CPI (inflation) last week. The retail sales figures showed higher purchases than was generally expected. Retail sales increased to $50 billion in November. The data was viewed as mildly favourable for the economy, so government bond yields edge up slightly.

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The big news last week was the increase in the key lending rate or overnight rate at the Bank of Canada (BoC). After very strong economic data being released in the week or two preceding it, the news was anything but a surprise. In particular, I’d peg four things that, in combination tipped the scales for the rate increase...

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There are more forces in play today in the economy than just GDP, wages, and job numbers. In the same way that Globalization brought many more people into the workforce, from China and India in particular, we are starting to see the impacts of Amazonization too. Their superior distribution and logistics methods are delivering, quite simply, delivering things cheaper on a large scale forcing everyone to follow suite.

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On October 25th the Bank of Canada gave its scheduled rate announcement and Monetary Policy Report Update. In this report, the Bank said, “While less monetary policy stimulus will likely be required over time, Governing Council will be cautious in making future adjustments to the policy rate”. The simple translation to this is that Bank of Canada is not in any hurry to increase rates again because there are some legitimate concerns and worries present right now.

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There is a myriad of reasons why a mortgage applicant may not fit into the standard credit box. The reasons can range from documentation requirements to bruised credit. The applicants are not substandard by any means. They simply do not fit into what the regulators, insurers, and government policy makers say that the banks can lend on.

However, there is good news! There are still many lenders that will truly underwrite an applicant.

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