Late last year, the Canadian government really shook things up for the mortgage industry by releasing a series of updated Mortgage Rules and regulations with regard to the property financing process from qualification to application and releasing.

These particular changes have since taken effect and people have been experiencing issues with multiple major alterations to regulations being applied at one time. Especially for those who are considering refinancing their current mortgages, it would be best to act as soon as possible.

For something like this, it would be best if you worked hand in hand with a professional. You can save a lot of time and rid yourself of numerous problems if you had a reliable mortgage broker by your side.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
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3.29%

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3.19%

2-Year
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3.19%

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VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

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Your chosen mortgage broker will be in charge of helping you find the best financing options including the lowest market rates. Aside from this, the broker will also assist you in negotiating with the lending facility, applying for financing or refinancing, and even help with payment processing.

In terms of refinancing, the qualifying rate has changed and not in the borrower’s favor. As the qualifying rate has increased, your ability to borrow money can go down by as much as 25%.

Also, lenders are also working to increase refinancing rates. With the new regulations in place, refinancing rates may increase by as much as 0.15%. This is a move to discourage people from opting for refinancing allowing lenders to get their money quicker or at least get more for waiting longer to get paid.

Also, amortization which normally spanned to 30 years will be no more. Now the maximum length is only 25 years despite the former being the chosen option by most Canadians.

But despite these changes, the government still made an effort to help Canadians pay off their mortgages amidst rising rates.

Especially for loans that have been classified as having a high ratio as defined by being inclusive of a down payment that’s 20% or less, there’s a countermeasure. For properties costing less than a million dollars at the time of purchase, a qualifying rate of 4.64% applies. If the borrower is able to satisfy this, they will be eligible for financing spanning 25 years.

Still, the old regulations are more in favor of the Canadian people as they can borrow a larger amount of money and pay the debt off across a longer span of time. 5 years can definitely make a huge difference. No deal can also compare to being capable of receiving a higher sum of money for a home.

This is why it is important that you work closely with a professional who can help you navigate through these new regulations. You want someone who can find you a better deal than what’s currently being offered.

Plenty of reliable professionals can be found online. But it would be better if you did ample research on the people that you’re considering. Ask questions, check their past work, ask for referrals if you can, and get that amazing deal.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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