Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Will you make money on your rental property? + MORE Sep 8th
After a strong rise in real estate prices in 2021 and in early 2022, many markets are now seeing weakening home prices. Current rental property owners, as well as new potential investors looking to buy, may be wondering how to determine if a rental property is a good strategy for them.
If you are.... More »
U.S. mortgage rates dip slightly, sending 30-year loans to 6.23% + MORE Nov 30th
Mortgage rates fell after three weeks of increases, giving prospective buyers some relief from price pressures. .... More »
When does it make sense to sell real estate in a larger city and buy in a smaller one? May 31st
Q. I am currently living in Saint John, NB, and renting ($1,450 a month + Internet—very expensive for this little town). I also own a condo in Burlington, Ont., worth about $500,000, which I have been renting out for the past two years. With income taxes factored in, the rent just covers carrying .... More »
Family legacy: How to pass along the family cottage—and 3 things to avoid + MORE Nov 22nd
The iconic Canadian cottage stands as a symbol of family traditions, summer getaways and cherished memories. Yet, as the years pass and generations shift, the future of a family cottage can become uncertain, thanks to things like family conflicts, financial implications and differing expectations am.... More »
No Spring Thaw in Sight for March Mortgage Rates + MORE Mar 7th
RateSupermarket.ca’s expert panel say lenders are taking a wait-and-see approach
Good news for early spring mortgage borrowers: interest rates won’t be rising along with the thermometer. While early signs of economic improvement are promising, consumer lenders and the central bank alike are hol.... More »
CMHC Sends Another Message
– canadianmortgagetrends.com
Since 2008 the nation’s largest mortgage default insurer has been on a mission to reduce its risk exposure. Yesterday that mission continued with CMHC announcing that it would stop insuring…
CMHC Axes Second Home and Self Employed Mortgages
– ratesupermarket.ca
Late last Friday, April 25, the Canadian Mortgage and Housing Corporation rolled out the latest changes to impact home buyers – the discontinuation of Second Home and Self-Employed Without Third Party Validation mortgage insurance products. These insurance types will no longer be available to mortgage buyers as of May 30, though applications made before that cutoff will be accepted regardless of closing date.
Who is Affected?
While the CMCH states that these products account for only 3 per cent of its insured mortgage business, self-employed buyers and those looking to buy or co-sign on a second home will feel the squeeze.
If You Are Self Employed: Those who work for themselves have additional hoops to jump through when securing mortgage financing. They must present proof of their working situation, past income, and projected earnings to confirm their status as a qualified borrower, traditionally with the following documents:
- Notice of tax assessment
- Audited documentation proving income and business details, or
- Unaudited documentation prepped and validated by a third party
CMHC’s product allowed self-employed buyers to bypass this validation step if they had a credit score higher than 650, and made a minimum 10 per cent down payment…
Watch “LowRateHandcuffs SteveGarganis” on YouTube
– canadamortgagenews.ca
LowRateHandcuffs SteveGarganis: http://youtu.be/0PYscaojGT4 Think all mortgages are alike? Guess again. Choosing a mortgage because it has the so-called “lowest rate” or because it’s from a major bank can cost you $$thousands. Check out this video I call “Low Rate handcuffs”. Not sure if your mortgage has the “Low Rate handcuffs”? Contact me to find out […]
