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If you are shopping for a mortgage, it is essential to know what you need to be able to qualify, but it is also important to understand what could be holding you back from qualifying for a mortgage. Below are 5 points that could be impacting your chances of being approved for a mortgage:

1. Carrying too much debt
2. Poor credit history or not enough credit history
3. Not enough income or assets
4. Not enough of a down payment
5. Unstable employment history

If you feel any of the above points could be holding you back from getting approved for a mortgage, reach out to your Mortgage Alliance Professional. They are armed with solutions for every situation. (Source Mortgage Alliance)

It's random acts of kindness day! Random Acts of Kindness Day is a day to celebrate and encourage random acts of kindness. It's a day to celebrate kindness and the whole pay-it-forward mentality. This should be applied every day! 

Wishing everyone a fantastic Long weekend!

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Nearly 8 in 10 fixed-payment variable-rate borrowers have hit their trigger rate, according to data from National Bank of Canada.

The finding was released in a report last week written by National Bank Financial economists Stefane Marion and Daren King. They estimated that between 73% and 80% of variable-rate mortgage holders with fixed payments have hit their trigger rate, depending on when the mortgage was originated between 2020 and 2022.

The trigger rate is the point where the borrower’s monthly payment is no longer covering rising interest costs, and generally results in the borrower needing to increase their payment.

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