With the outbreak of the COVID-19 pandemic, many industries have taken a hit as they’d been asked to wind down or work from home to reduce interactions that could spread the Coronavirus beyond control. To curb their expenses, many businesses cut down staff or salaries, which has led to the loss of many jobs and livelihoods. These actions have put a strain on many individuals’ spending capacity, especially those with high-interest mortgages and other forms of debt. This has led them to look into refinancing as a solution to ease their financial burden. 

Securing a mortgage is a crucial aspect of purchasing a new home. However, inexperience in the subject may lead to you falling short. So to help you avoid making basic errors that could prove to be costly, Centum Discount Mortgage Canada Inc. has put together a list of the most common mistakes people make when applying for a mortgage.

Thanks for stopping by our blog. If you’re looking for more information about Centum Discount Mortgage Canada Inc., you’ve come to the right place.

I’m Roy Singh, the proud owner of Centum Discount Mortgage Canada Inc.

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

The financial stress test is a federal guideline that is designed to protect Canadians to ensure they will be financially okay if interest rates were to rise substantially above their current mortgage rate. There are two options: Option 1: Down Payment between 5%-20% Borrowers that have a down payment between 5% and 20% will be tested at the Bank of Canada Conventional five- year mortgage rate currently sitting at 5.19%. Option 2: Down Payment of 20% or more Borrowers that have a down payment of 20% or higher will be tested at the highest rate of the following: Bank of Canada conventional five-year rate Your contract rate +2% or  Some Institutional…

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We are currently revamping our website. Our new website will be interactive and mobile friendly!

Watch this space for updates. Just a few more weeks to go!