On October 3rd, 2016 Bill Morneau, Minister of Finance announced “Preventative measures for healthy, competitive and stable housing market”. The intention is to address the growing household debt and rapidly rising house prices. Learn about the new qualifying federal mortgage rules changes that will affect your mortgage affordability during the qualification process and what can you do…
New rules affecting low ratio mortgages The new rules affecting low ratio mortgages or mortgages backed by portfolio insurance are effective from November 30th, 2016. The following are new mortgage rules for low ratio mortgages, (Over 20% down payment = low ratio mortgage) The new refinancing rules have been postponed to start taking effect on May 1, 2017,…
The new rules affecting high ratio mortgages are effective from October 17th, 2016. The following are new mortgage rules for high ratio mortgages, (under 20% down payment = high ratio mortgage). From October 17th, 2016 onwards all borrowers (including those seeking a mortgage with a 5 year or longer fixed rate, insured mortgage with a variable rate, fixed…
Considering co-signers to help your mortgage may be a very smart thing to do in regards to money-saving, however, this advantage may come with some potential risks that may end up consuming some of those savings or even worse, potential legal conflicts. A good family that I know wanted to buy a house to stop…
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This promotion has expired If you are looking to refinance your current mortgage this limited time promotion might help you save even further. To optimize your savings, lower your borrowing cost, better your cash flow and most of all meet the financial goals you have set for the short and medium future, consider this not…
The following may help you get a more realistic expectation on a rental mortgage program and how you can speed up the process and benefit sooner from the investment of that second home (not owner occupied) or third or even fourth home. Purchasing a second home is not the same as buying your first home,…
Late for mortgage renewal Late for mortgage renewal and looking to minimize the expense to change to a better rate? If you or someone you know ever find in this situation the alternative seems to be to “Opt for a short-term open mortgage and escape as quickly as possible” you might want to consider or ask the following…
Interest rates down We have been informed of interest rates gone down and you should be informed as of which mortgage products are offering them. Employed people currently renting and with a rental contract coming up to renewal should be most interested. Sometimes life gets tough to some, and considering that there are ways and times…
Automatic mortgage renewal Be wise and observe the terms and amortization payments schedule in your mortgage to see how much you can save with your educated decision, rather than just the standard or automatic mortgage renewal from your lender. When you choose to renew on a yearly basis, you are also choosing to be subject…
Saved for closure story – Ms. Castor As in the story below, “Reverse Mortgage” can assist seniors 55+ keep and better what they have been able to amount in wealth with so many efforts throughout their life, providing a peace of mind, no hassles, just as they prefer it. Read the story here and then…
Here you have the Myths about Reverse mortgage. what to expect and what are the real facts Myths: The bank owns the home. People with a reverse mortgage will owe more than their house is worth. Reverse Mortgages are too expensive because the rates are high. A reverse mortgage is a solution of last resort. A…
Home buying step-by-step. All you need to know to help you make smart home buying decisions from start to finish, prepared by Canada Mortgage and Housing Corporation (CMHC). Is Homeownership Right for You? Are You Financially Ready? Which Home is Right for You? The Buying Process Now That You’re a Homeowner May I help you…
Chip – Reverse Mortgage – Income Advantage On a reverse mortgage, interests paid are tax-deductible and lower than the increase of the equity of your home Chip – Reverse mortgage A reverse mortgage is a loan secured against the value of your home. Unlike a loan or a regular mortgage, with CHIP you are not…
Gifted down payment Gifted down payment are funds given to a mortgage applicant by an immediate family member to be used to qualify for a mortgage or simply to lower the mortgage amount. It is a very common and popular mechanism used by parents or siblings to support their family members financially without expecting the support being…
down-payment from RRSP’s If you as a first-time home-buyer are planning to buy your home this year and are facing the question of where will you get the down payment from? This article is for you. One can only admit that the advantages given, by the Government of Canada when it comes to promoting homeownership are…
B2B Bank’s Equity 50 program is great for individuals that have a hard time proving income in the traditional sources. Clients can access up to 50% of their home value on a first mortgage or refinance the current mortgage. This program has proven to be especially popular with those in pension, and other people whose…
RRSP deadline is approaching and with that the opportunity to receive a higher tax return after filing your taxes, return that you can use towards the down payment to purchase your home when you are a first-time homebuyer. Don’t miss this opportunity. If you are currently employed and renting you should pay special interest in this…
To buy or to rent a 300K home? The following is a dilemma that many new home buyers face, so, if you are one, this information may help you make an educated decision and perhaps get rid of procrastination (at least in regards to home buying) Scenario: To buy or to rent a 300K home? If…
2016/2017 CHMC housing market outlook for the GTA A short and easy to read summary of the CHMC study on the 2016/2017 CHMC housing market outlook can be found on this page and a link to the entire downloadable report can be found at the bottom of this post. At any time, if you wish, you…
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