Applying for a mortgage is a significant financial step, and even small mistakes can impact your approval to qualify for a real estate purchase. Whether you’re a first-time home buyer or refinancing, avoiding these common pitfalls will help ensure a smooth mortgage process when buying a home.

In a significant shift for the Canadian mortgage market, the Office of the Superintendent of Financial Institutions (OSFI) has announced that it will eliminate the stress test requirement for uninsured mortgages starting in November 2024. This change marks a departure from the stringent qualifying criteria that have been in place since 2018 and is aimed at providing more flexibility for borrowers and lenders in the face of evolving economic conditions.

Divorce can have a significant impact on real estate joint mortgages and refinancing options on the marital home This often creates complex financial situations for both spouses.