16.2.0

This Version ... Coming Soon

  • Fixes Securitized Debts not being applied to new mortgage balance in the Refinance Analyzer.
  • Fixes the term interest amount for semi-monthly payment frequency in the Mortgage Calculator
  • Introduces First Payment Date in the Mortgage Calculator to let you more accurately see the Amortization schedule with the correct date.
  • Adds a convenience button to reset the first payment date to "Today" in the Mortgage Calculator.
  • Adds Compounding Period when viewing Lender Rate Details

16.1.0

Check out what's new

  • Alberta Transfer Tax Updates

    Fees for both mortgages and transfers will now be $50 + $5 per $5,000 of value. If you live in Alberta, go to the Land Transfer Tax Calculator and calculate your new title registration fees.



  • Payment dates in the Amortization Schedule

    All Amortization Schedules on the app now show dates for each payment. This is the most accurate amortization schedule in any Canadian mortgage app. You can predict the exact date for each payment, no matter how long your mortgage is or what payment frequency you choose. To see it, open the Mortgage Calculator and tap "View Schedule."





  • Consolidate Debts with 0% interest.

    The Refinance Analyzer can now help you consolidate debts that have $0 payments (0% interest). This means you can also show such debts in the report.



  • Lender Incentive in the Refinance Analyzer

    The Refinance Analyzer also has a new Lender Incentives input field that can be used to add cash incentives that some lenders offer when switching to them. This feature will offset the penalty and fees when calculating the savings with a refinance.



  • Updates to PREQ2 Push Message

    Other fixes and enhancements include unredacted PREQ2 leads for mortgage brokers.  Mortgage Brokers who have upgraded to PREQ2 can now enjoy an unredacted version of the information provided in the push message.

 

16.0.4

Updated Pre-Qual Tool

The PREQ2 tool has been updated with a new switch that enables the Dec 15, 2024 rules. This switch will let you see the impact before the new rules become effective.

 

16.0.3

Technical Update

This version includes a technical update to the Dec 15, 2024 mortgage reforms.

  1. The price cap for insured mortgages will be increased from $1 million to $1.5 million.
  2. Eligibility of 30-year mortgage amortizations to all first-time homebuyers and buyers of new builds

 

16.0.0

New Rules … New Features

The Canadian Government announced that effective December 15, 2024, two mortgage reforms will take effect.

  1. Increased insured cap to $1.5M
    The price cap for insured mortgages will be increased from $1 million to $1.5 million to help more Canadians qualify for a mortgage with a downpayment below 20 percent.
  2. 30-year insured mortgages
    Eligibility of 30-year mortgage amortizations to all first-time homebuyers and buyers of new builds. 

Source: Canada.ca

As a result, we have added a mechanism to enable the new rules and calculate the impact of these reforms when they become a reality.

 

Enable new rules in the Purchase Calculator.

In the Purchase Calculator, tap the new menu bar and “Enable December 15, 2024 Rules”

To calculate the premiums, we are assuming that all insurers will follow CMHC's standard premiums with the additional surcharge of 0.20% for 30-year amortization as introduced on August 1, 2024

 

Calculate the Minimum Down Payment

The new button will calculate the minimum required down payment for the purchase price you entered. 

With the new button, you can now calculate the minimum required down payment based on the purchase price you enter. If you have enabled the new Dec 15, 2024 rules, you can see the minimum down payment for 30-year insured mortgages for first-time home buyers. This feature is only available in the Purchase Calculator. Since the guidelines for minimum down payment have not yet been modified, we assume that it will follow the standard slide scale of 5% of the first $500,000 and 10% for the balance up to $1,500,000. 

 

Add Mortgage Insurance

When a scenario is insurable, meaning you have more than 20% down payment and the purchase price is less than $1M, you can now make it insured by adding mortgage default insurance.

When you encounter an insurable scenario, you can add Mortgage Default Insurance with just a tap of a button. Also, as of Dec 15, 2024, a first-time home buyer with greater than 20% downpayment on a 30-year mortgage with a property of $1,499,999 or less may also be considered insurable. Hence, the Add Mortgage Insurance feature will work with this assumption.

 

Estimate Property Taxes

We have aggregated property tax rates for more than 100 municipalities in Canada.

This feature will let you estimate property taxes if you don't have the property details available but would still like to estimate the total monthly cost accurately.

This feature allows you to estimate property taxes for more than 100 municipalities in Canada based on municipally specific property tax rates.