The past year saw many changes and lots of activity in the Toronto real estate market. This short video looks back at some of the key points that defined the market, and looks ahead to the coming year.
One of the biggest changes was the implementation by the Federal government of a mandatory "stress test" for anyone receiving a high ratio funded mortgage.
If you're at that point where you're considering buying your first property, a key component is arranging mortgage financing. In this video I talk with mortgage consultant John Panagakos of Safebridge Financial about the the basics of obtaining a residential mortgage.
A mortgage broker is often a better option than just speaking with somone at your bank about a mortgage. The main reason being the bank will offer you their products, and only their products. This might not offer you much leverage, especially if you have some glitches in your credit history, or other issues which require exploring multiple options to obtaining your financing.
It's important that they speak with a licensed mortgage professional. Sit down with them, and figure out what their income is, if they have any debt obligations, what their downpayment is, in order to determine what their home buying potential is.