Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Latest in Mortgage News: June Data Indicates a Housing Rebound. But Will it Last? + MORE Jul 13th
Home prices, sales and new starts are all rebounding, according to the latest June data. But some, including the Canada Mortgage and Housing Corporation (CMHC), say risks remain. This week, a slew of housing data was released from local real estate boards and the CMHC showing overall improvements in.... More »
Community Trust at 50: A golden anniversary built on broker partnerships + MORE Oct 19th
Reflecting on five decades of alternative lending, national growth, and an unwavering commitment to the Canadian mortgage broker community..... More »
We made money on the Toronto housing market. Now what? Nov 4th
We had a plan. We considered the bank’s low interest rates, the rising real estate prices and record low inventory and thought it was the perfect time to cash in on the Toronto real estate market by moving out of the city. My husband and I were going to move from Ontario to Manitoba, selling our E.... More »
Mortgage rule changes are cooling housing market: Morneau + MORE Aug 23rd
Despite a report urging Ottawa to look at ways of boosting support for first time buyers, the Finance Minister ruled out any new measures along those lines
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7 smart strategies for first-time home buyers + MORE Nov 19th
If you’ve been thinking about buying a house, you may be wondering how you’ll know when it’s “the right time.” If you don’t have a 20% down payment saved up, is it still OK to consider buying? If you can’t afford your forever home, should you still jump into ownership now? And does the.... More »
CMHC’s HMA. Why Lenders Care
– canadianmortgagetrends.com
Last week, CMHC’s Housing Market Assessment (HMA) cited “strong evidence” of increased housing risk in Toronto, Calgary, Saskatoon and Regina. Here’s a visual summary of the insurer’s findings: Many don’t realize it, but mortgage lenders take these assessments seriously, and for multiple reasons. For example: CMHC factors in HMA risk when deciding whether to approve an insured mortgage. While CMHC says its loan eligibility criteria is the same in all markets throughout Canada, it adds: “HMA is considered in emili as a factor which influences the risk of an application…CMHC’s decision to insure a loan is based on an overall risk assessment of READ MORE
The Do’s and Don’ts When Buying a Home
– ratesupermarket.ca
Buying a home is one of the most exciting yet intimidating things to do. The idea of owning your own place is thrilling, yet the prospect of having a mortgage can terrify even those who are already financial savvy. Regardless of your price range, there are some definite do’s and don’ts when buying a home.
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It’s easy to get caught up in pictures of home décor on Pinterest, but there are some practicalities you need to consider before diving into a house hunt. Buying a home depends heavily on affordability and it should never be taken lightly.
Don’t get carried away when buying a house
Before you begin looking for a home, it’s well advised to get pre-approved for a mortgage so you have a rough idea of what you can afford. How much you’re approved for depends on a variety of factors including your income, credit history, and your down payment.
Your savings, lifestyle spending, and all the additional costs of maintaining a home need to be factored into your monthly budget says Josh Miszk, VP of Investments at Invisor…
