The Bosscher Team - Mortgage Intelligence

Home
Canada
Burlington, ON
The Bosscher Team - Mortgage Intelligence

Providing you with expert advice and solutions for any of your mortgage needs.

01/21/2026

2026 is shaping up to be a big year for mortgage renewals — 1.15M+ Canadians will be up to renegotiate. While many may face higher payments, easing rates and built-up equity should help take the edge off.

If this sounds like you, feel free to reach out — we’re happy to help you explore your options and plan ahead!

12/18/2024

We want to express our sincerest thanks to all those who have supported us this year. The opportunity to work with you to achieve your goals is greatly appreciated and not one we take for granted. As a result, our team is dedicated to providing you with the continued advice, solutions, and low rates that you deserve.

Whether you're looking to purchase your first home, relocate, or review your options for renewal, we're happy to help.

Wishing you happiness and health in this holiday season and the year ahead.

We look forward to seeing how we can help you in 2025. Give us a call!

The Bosscher Team.

10/23/2024

Exciting changes being made to mortgage insurer guidlines in 2024-2025!

1. August 1, 2024 – 30-Year Amortization for First-Time Homebuyers.

First-time homebuyers are now eligible for 30-year amortizations when purchasing new builds.

2. November 21, 2024 – Mortgage Lender Switch Without Requalification.

Borrowers with insured mortgages can switch lenders at renewal without having to requalify under the stress test. This change being part of the Canadian Mortgage Charter.

3. December 15, 2024 – Expanded 30-Year Amortization & Increased Cap.

All first-time homebuyers, as well as buyers of pre-construction homes, will qualify for 30-year amortizations. Additionally, the cap for insured mortgages will rise from $1 million to $1.5 million, allowing for higher-value home purchases with lower down payments.

4. January 15, 2025 - Refinance for Laneway or Multi-Family Units.

Starting on this date, homeowners will be able to refinance up to 90% of their property’s value to create secondary suites, such as laneway homes or multi-family units. This is aimed at boosting housing supply and creating income-generating units.

09/16/2024

This morning Canada's department of finance announced the following reforms to existing mortgage rules that will help to make homeownership more affordable for young Canadians. These new guidelines are to come into effect on December 15th of this year!

1. The government will increase the cap on insured mortgages from $1 million to $1.5 million. Previously, Canadians who did not pay at least a fifth of the cost of the house as a down payment would require mortgage insurance, however, this insurance was only available for homes priced at $1 million or less. That limit is now $1.5 million. This will allow more people to buy a house with a down payment below 20%.

2. The government will also be expanding the eligibility for 30-year mortgage amortizations to all first-time homebuyers and to any buyer looking to purchase new builds. Prior to this, 30-year mortgage loans were only available to first-time buyers purchasing new builds or those purchasing a home with at least 20% down. Now, any first-time homebuyer looking to purchase with less than 20% down can obtain a 30-year mortgage, and any other buyers can do the same when looking to purchase a newly constructed home. This will make a very big difference in affordability for many looking to buy whether it be new or used!

This is a great step in the right direction. We would be happy to show you how these new changes can have a positive impact on your mortgage eligibility, whether you are just getting started or looking to get preapproved.

Send us a DM!

05/07/2024

Anyone who is eager for the Bank of Canada to start lowering interest rates will probably be happy with what Governor Tiff Macklem has been saying. But it comes with a caveat.

Appearing in front of the Commons Finance Committee, last week, Macklem told MP's that the central bank is getting closer to cutting rates as inflation is showing signs of going down and staying down.

“The message to Canadians is, we are getting closer. We are seeing what we need to see and we just need to be confident that it will be sustained," Macklem said.

The Bank focuses on “core inflation”, which strips out items like food and fuel which can be subject to volatile price swings. This measure is now inside the Bank’s 1.0% - 3.0% target range. Headline inflation is also inside the target range at 2.9%.

The housing market tends to get a lot of attention during interest rate discussions and Macklem concedes that the Bank’s policy has been “restraining” demand for housing. He expects demand will grow this year, which will likely bring price increases along with more affordability concerns.

Macklem cautions that rates are unlikely to return to the record low (and nearly zero) levels that have been in place since the global recession from 2009 to 2021 and through the COVID pandemic. He also warned that, when the Bank does start reducing rates, "it's likely to be a pretty gradual path."

"Canadians should not be expecting a rapid decline in interest rates," he said.

Source - First National Financial LP

04/18/2024

As of August 1, 2024, the federal government will allow 30-year amortization periods for "insured" first-time homebuyers purchasing newly constructed homes. ("insured purchasers" - those buying with less than 20% down)

Currently anyone who puts less than 20% down on the purchase of a home is limited to a 25-year amortization length, while those who have 20% or more down have the ability to extend this time period to 30 years.

Extended amortizations for insured borrowers has been long sought after as a way to improve affordability. The longer loan repayment timeline has the ability to remove imediate pressure on borrowers by lowering the minimum monthly payment required.

Unfortunately this will only be available to insured buyers purchasing newly built homes at this time - hopefully this can be made available for existing home purchases as well in the future.

03/06/2024

At the beginning of this month CMHC announced the discontinuation of the first-time homebuyer incentive. This program was designed to assist first-time buyers in Canada by providing a loan of up to 10% of the purchase price to go toward a larger down payment - thereby reducing the buyer’s monthly mortgage payments.

Under the program, homeowners would have to repay the incentive after 25 years or when the property is sold, with the amount owing adjusted to reflect how the value of the property has changed.

The program was hampered in part by eligibility issues including limits to household income and the size of a mortgage the buyer could take on. It failed to reach its full potential due to guidelines not allowing the price of the home to exceed four times the buyer's income, as well as its failure to help buyers put together a minimum down payment.

Overall, not a program many will miss. Here's to hoping for more beneficial alternatives in the future!

12/25/2023

Wishing you and your family a very Merry Christmas - from the Bosscher Team. 🎄🎄

12/07/2023

Busting the Bi-Weekly mortgage payment myth!

Once approved for a mortgage loan, you will have the option to choose the frequency at which you make your mortgage repayments! The options available often include:

- Monthly (12 pmts/year)
- Semi-Monthly (24 pmts/year)
- Bi-weekly (26 pmts/year)
- Weekly (52 pmts/year)

Many are led to believe that the weekly and bi-weekly payment options will help to pay your mortgage off faster because you make more payments per year. Unfortunately, this is not true as these payment options in their regular state are only beneficial in a sense of convenience and preference. Although the number of payments made per year increases – regular weekly/bi-weekly payments make little to no difference over the long run of your mortgage as they:

1. Do NOT help to shorten your amortization period.
2. Do NOT drastically reduce the amount of interest you pay annually.
3. Do NOT drastically increase the amount of principal being repaid annually.

In order to take advantage of the 3 benefits listed above, you would need to request accelerated weekly or bi-weekly mortgage payments. By accelerating your payments, you are effectively paying 13 months worth of mortgage payments in 12 months. As a result, you'll be able to pay off your mortgage much more quickly while saving on interest.

Understanding your options fully can make choosing what's right for you a much easier task!

10/25/2023

Yesterday we had the pleasure of attending an exciting and informative presentation given by one of our brokerages most seasoned brokers, and a true icon in the mortgage industry. In an ever-changing economic environment, it is imperative to focus on, develop, and maintain industry knowledge, process efficiency, and quality of service in all aspects. We aim to provide the highest level of service, advice and mortgage options to our clients so that they can build wealth through real estate - presentations like this are so important in helping us do so!

Thanks again Don Stoddart !

📸 -

10/03/2023

Calling medical professionals! 🏥

Insured mortgage solutions are now available to newly practicing medical professionals who have recently completed or are in the process of completing their recognized medical residency, fellowship or program of study in Canada. This new product allows you to qualify more easily through the use of the annual projected employment income you will earn early on in your career.

- Available for both Canadian and foreign-trained physicians (must be Canadian citizens or permanent residents) who are licensed by a provincial college and have completed their program within the last 24 months.

- Available for newly practicing dentists who have completed their program within the last 24 months.

- Available for newly practicing veterinarians who have completed their program within the last 12 months.

Contact us for more information!

Address

205-3310 South Service Road
Burlington, ON
L7N3M6

Website

http://www.bosscherteam.ca/

Alerts

Be the first to know and let us send you an email when The Bosscher Team - Mortgage Intelligence posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to The Bosscher Team - Mortgage Intelligence:

Shortcuts

Want your business to be the top-listed Finance Company in Burlington?