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Should I stress about the new mortgage rules?

New Mortgage Rules

What you should know about the new mortgage rules. On October 3rd, Finance Minister Bill Morneau announced that new mortgage rules will include more stringent “stress testing” for borrowers. These rules are designed to lower debt levels, enforce some belt-tightening, and protect the housing market over the long term. Here’s how these new mortgage rules will affect Canadians. THE HIGH-RATIO RULE There has been a long-time rule that you must have “high-ratio mortgage insurance” if you have less

The Next Generation of Homebuyers

The Next Generation of Homebuyers

This past June, Mortgage Professionals Canada published their survey results on the Next Generation of Homebuyers; adults under the age of 40 who don’t currently own a home but expect to own in the future. If you are planning on buying, or help a child get into home-ownership, these results can be an interesting comparison to your own situation. Here are some of the key findings: • 52% of the homebuyers are under 30 years old, 48% aged 30 to 39 • 55% singe, 39% married/living with a

Look to your mortgage for energy saving benefits

Look to your mortgage for energy saving benefits

Invest in energy saving appliances and tools! If you buy an energy-efficient home or make energy saving renovations you may be able to get a savings boost from your mortgage! Canadian mortgage insurers have a program that helps homeowners save when they buy energy-efficient homes. Homeowners purchasing a qualifying energy-efficient home are eligible for a 10 per cent mortgage insurance premium refund. If you purchase a qualifying $400,000 home with 5 per cent down, you are eligible for a 10

Real Estate and Rates Post Brexit and OSFI Tightening

Real Estate and Rates Post Brexit and OSFI Tightening

The uncertainty created with Brexit, in which Britons voted to leave the European Union, will keep interest rates low in the U.S. and Canada well into 2019 according to most economists. The impact on Canada for both its real estate markets and interest rates looks bright. Foreign money, in search of stable, safe havens for housing assets will naturally gravitate to Vancouver and Toronto now that Britain looks riskier. A continued low interest rate environment for many years will allow buyers

Which mortgage features are the most important?

Which mortgage features are the most important?

It’s easy to look online for a mortgage rate. But rate is only one aspect of saving money on your mortgage over the long term. It’s essential that you also consider mortgage features. Here are the big ones – Early Payout Penalties. There are lots of reasons why it makes good financial sense to break your mortgage, even though you can expect to pay a penalty. But not all lenders calculate penalties the same way, and the differences can amount to thousands. Life happens, so make sure you choose

Build It! Two Mortgages to Help You Build Your Dream Home

Home Renovations

Money when it’s done: The Completion Mortgage. Just like it sounds, this is for situations when you don’t need to actually come up with full funding until the home is complete and move-in ready. You’ll need to provide a down payment when you make an offer to purchase the planned home, and then the mortgage you are approved for is advanced to the builder at possession. This is a single advance mortgage and is the same as a regular residential mortgage. Money as you build: The Progress Draw

The Mortgage Kit: Start With Proof Of Your Income

The Mortgage Kit:  Start With Proof Of Your Income

We’ve all heard the scout motto “Be prepared”. It’s great advice if you need a mortgage. Assembling everything your lender needs to verify your income is a critical component of mortgage success.  A last-minute scramble for documents just adds to stress. Get a Mortgage Kit folder ready and begin collecting the verification you will need for your income type: Full-time salary:  Provide a recent pay stub and a “letter of employment” on company letterhead that confirms a) your position, b) your

Remove Self-Employed Mortgage Wall

Remove Self-Employed Mortgage Wall

https://youtu.be/-h-Vp64-EPs Since 1989, Mortgage Intelligence has been helping Canadians meet their home and commercial property ownership goals. Over the years, Natasha Bridgmohan and her expert team of private mortgage brokers have created a ‘home for all your mortgage needs’. Remove Self-Employed Mortgage Wall - Call Natasha today at 1-866-553-7467 and get the most competitive rates!

House Over $500,000? New Down Payment Rules Apply

House Over $500,000? New Down Payment Rules Apply

On February 15, 2016, minimum down payment rules have changed in Canada – for homes worth more than $500,000. The change is straightforward: for any portion of the house price over $500,000, buyers will need to provide 10% downpayment for an insured mortgage. The minimum downpayment for the first $500,000 will remain unchanged at 5%. How much difference could it make? Here’s a simple example: Right now, you could get a mortgage for a $750,000 home with a down payment of $37,500: a simple