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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…
Mortgage for single parents In Ontario, as of 2011 according to Stats Canada, there were more than 604,000 lone-parent families, and in a staggering 80% of them, the female parent was living with their children!. Now, this days is very difficult enough for a married or common-law couple to qualify for a mortgage in order…
A refinance story After a period of some stressful time in their life, this including hard work, a change of workplace, some family illnesses and some accumulation in the credit card usage , a client called me asking for some financial advise. Their goal was to recuperate their financial stability, to stop accumulating debt with…
Simply put in regards to Canadians household debt; In average we currently owe 162.6 percent of every disposable dollar, that means from every dollar after available after taxes and mandatory charges. This has been attributed in part to record low-interest rates that may have been seeing as an invitation to get into debt by…
Household credit growth in Canada The information on the following graph helps us observe that from the past 7 year approximately borrowers are paying more importance to their secure mortgage credit rather than easy to obtain commercial credit like credit cards; Thanks in part to the federal government regulations and on to the slow economic…
Decreasing bond value pushes to higher mortgage rates Financially speaking, a bond is a debt instrument that based on a current rate pays interests with certain periodicity and investors attracted to profit from those bonds may see their principal invested upon maturity of the bond. Since the mortgage rates having remarkably low due to a…
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