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With housing prices running away and rule changes that make it harder to qualify for a mortgage, the mortgage industry had been lobbying for months now to introduce some changes to help millennials and first-time buyers. On March 19, the budget announced two changes:

1. CMHC First Time Buyer Incentive

2. Home Buyer Plan (HBP) limit increase

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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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Whether you are a Canadian citizen living in another country, a landed immigrant, or non-resident of Canada, the aspiration to purchase a property in Canada is a dream for many people. It’s a noble and worthy dream, too.

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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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What happens to someone that desperately needs money and tries to borrow it? Either they can’t get it because their application / credit is lacking or they will be forced to pay more for it. For example, take someone who has lost their job temporarily and has fell behind on important bill payments, such as the mortgage.

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By now you’ve probably heard on the news that there is another round of mortgage rule changes. These rules will be effective officially on January 1st 2018. Once banks and lenders have had a chance to digest the changes, they’ll roll out what it means in terms of timing. For example, if you purchase a house on November 10th and it doesn’t close until January 15th then which rules apply?

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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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The Bank of Canada Qualifying Rate was introduced originally to protect variable rate mortgage holders against rate shock. It provided a buffer against an inability to meet their payment if rates rose quickly. The Department of Finance is concerned about large loan losses on the books of our big banks and bank stability.

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Unfortunately, sometimes along the way we run into unexpected hiccups. Somewhere in those steps, comes financial hardship. It’s a lesson in life we dread and try our best to avoid, but nevertheless, it can happen.

This article focuses on two things. First, how to protect your credit during financial hardship and secondly, how to rebuild your credit if it has taken a hit.

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This is a big week for the mortgage industry. First, OSFI (the Federal bank regulator) has released its draft version of its revisions to the B-20 guidelines for mortgage underwriting. Rule changes will be coming again that are tightening in nature. Second, the Bank of Canada is probably going to increase its overnight rates on Wednesday by 0.25%. It’s unknown if the lenders will increase their prime rates by the same amount or by a lessor amount as they did with the last two changes in 2015.

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