Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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How much income do I need to qualify for a mortgage in Canada? + MORE May 18th
After several years of sky-high borrowing costs, mortgage rates are (finally!) starting to ease up. That’s great news for cash-strapped Canadians currently shopping for the best mortgage rate—but it unfortunately hasn’t translated into improved affordability when buying a home.
The national.... More »
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In 2009 and 2010, for the first time ever we saw mortgage rates under 2.00%. That’s right, if you were in a variable rate mortgage, you had a rate under 2.00%. We were coming off the catastrophic US sub-prime mortgage crisis. The financial US scam that cost the world trillions of dollar.... More »
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Winding down self-employment and planning for retirement Aug 18th
Q. I am a 60-year-old female, working full-time employed/self employed on a 100% commission basis and averaging between $107,000 and $140,000 gross annual income.
I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The curre.... More »
Romy Bowers Named New CMHC CEO as Outgoing Evan Siddall Addresses Off-the-Mark Forecasts + MORE Mar 5th
The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall. Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6. .... More »
Mortgage Industry Voices Concerns to Ottawa
– canadianmortgagetrends.com
A delegation of mortgage industry leaders went to Ottawa this month. Its mission: to educate lawmakers about the implications of the latest mortgage regulations. The event, organized by Mortgage Professionals Canada, was its first-ever Parliament Hill Advocacy Days. In just over two days, the group participated in more than 30 meetings involving more than 100 members of parliament, senators and senior policy staff. The association’s core message centred on the economic ramifications of the new policies that came into effect last fall and January. Face-to-Face Progress “Many of the MPs could describe stories from their own riding of homebuyers who were affected by these changes,” said Paul READ MORE
Cost of Mortgage is Going Up: CMHC Hikes Mortgage Insurance Premiums
– ratesupermarket.ca
Note: Mortgage insurance premium increases go into effect on March 17th, 2017.
If you’re applying for a mortgage with a small down payment, be prepared to pay a little more every month for default insurance.
The Canadian Mortgage and Housing Corporation recently announced it will increase the premiums for ‘mortgage default insurance’ (also called mortgage loan insurance) effective March 17, 2017.
“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, CMHC’s senior vice-president for insurance.
Mortgage default insurance is required for anyone buying a home in Canada with a down payment of 20 per cent or less. However, the cost varies depending on how much you actually put down. Right now, anyone with a down payment between five and 10 per cent pays an extra 3.6 per cent on top of their regular mortgage payments. Come March 17, this will go up to four per cent.
The changes are necessary to “contribute to financial stability,” according to Mennill…
