Canadians have seen interest rates rise considerably this year and those not on a fixed interest rate mortgage have seen their regular mortgage payments rise along with them.  All the talk in the media, and rightfully so, is about the rise in mortgage payments, but what often gets overlooked is the longer-term impact to your financial health and retirement savings.

We have all heard stories about mortgage payments rising by $1,000 per month, but what about the impact of higher interest rates to service a mortgage over its lifetime?

Canada’s mortgage stress test applies to anyone applying for or renewing a home loan through a federally regulated lender. 

And apparently nearly half of Canadians (according to a poll conducted by TD Bank) don’t understand what the test is—or who it affects. Here’s your primer on the mortgage stress test!  

Homebuyers will often enter the mortgage journey with expectations on the amount they expect to receive, only to be disappointed when they don’t qualify for that amount. This is especially unsettling when they’re already paying a monthly rental amount that exceeds how much the lender will allow their maximum monthly mortgage payment to be.

With the many increases to Mortgage Rates recently, mortgage borrowers are finding they are qualifying for lower mortgage amounts than they were just one month ago. This is true even in the absence of any change to the rate used by the dreaded Mortgage Stress Test.

Whether it is your first house or you’re moving to a new neighborhood, getting approved for a mortgage is exciting! However, even if you have been approved and are simply waiting to close, there are still some things to keep in mind to ensure your efforts are successful.

To avoid having your mortgage approval status reversed or jeopardizing your financing, be sure to stay away from these 10 common mortgage mistakes.

Original Article Source Credits:  Canadian Mortgage Trends, https://www.canadianmortgagetrends.com

Article Written By:  Steve Huebl

Original Article Posted on:  July 20, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/07/majority-of-canadian-buyers-borrowing-their-maximum-approved-mortgage/

Twenty-five or thirty years can sound like an impossibly long time to service a loan – and for many of us, it is. If you are looking to pay off your mortgage faster, here are some tried-and-true tactics to get you to financial freedom that much sooner!

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Ethan Rotberg

Original Article Posted on:   February 1, 2021 

Link to Original Article:  https://financialpost.com/moneywise/how-refinancing-affects-your-credit-score-3

Original Article Source Credits:   CTV News , https://www.ctvnews.ca/ 

Article Written By:  Anita Balakrishnan

Original Article Posted on:  December 1, 2020

Link to Original Article:  https://www.ctvnews.ca/politics/government-plans-foreign-buyers-tax-in-bid-to-create-affordable-housing-1.5212436

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Shelly Hagan

Original Article Posted on:  Nov 02, 2020

Link to Original Article:  https://financialpost.com/news/economy/the-only-thing-canadians-are-optimistic-about-right-now-is-the-housing-market

Original Article Source Credits:   CNBC, https://www.cnbc.com/

Article Written By:  Cory Stieg

Original Article Posted on:  October 27, 2020

Link to Original Article: https://www.cnbc.com/2020/10/27/does-buying-a-home-make-you-happier-psychology-of-home-ownership.html

Original Article Source Credits:   Move Smartly, https://www.movesmartly.com/

Article Written By:  David Larock

Original Article Posted on:  September 14, 2020

Link to Original Article:  https://www.movesmartly.com/articles/bank-of-canada-confirms-ultra-low-mortgage-rates-are-here-to-stay

Original Article Source Credits:   MorningStar, https://www.morningstar.ca/

Article Written By:   Vikram Barhat

Original Article Posted on:  October 19, 2020

Link to Original Article:  https://www.morningstar.ca/ca/news/206427/should-you-break-your-mortgage-for-a-lower-rate.aspx

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  October 7, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/10/latest-in-mortgage-news-september-another-blockbuster-month-for-gta-gva-real-estate/

I’m Ashish Aggarwal, the proud owner of Sleep Easy Financial. 

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

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