Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
MoneySense Toolkit: The mortgage refinance calculator + MORE Jan 16th
Mortgage payment calculator
Depending on your circumstances, refinancing your mortgage can be a smart financial choice. However, while you can reap substantial savings, there can also be high costs when refinancing a mortgage. That’s where a mortgage refinance calculator comes in. It can g.... More »
What’s better for buying a second home: HELOC or personal loan? + MORE Aug 8th
Ask MoneySense
I am considering taking out a HELOC loan to buy another property. Is this a wise decision, or would a loan be better? My bank advises me that I can qualify for a $400,000 HELOC.
–Caren
When buying a second property, Canadians can choose from a number of financing options, inc.... More »
Payment Procrastination: Why Canadians Aren’t Worried About Their Mortgages + MORE Aug 3rd
Despite repeated warnings from the Bank of Canada, Canadians seem to be in no particular hurry when it comes to clearing away their mortgages, according to recent research from CIBC.
Historically low interest rates are driving this trend, and so is the idea of ‘good’ debt – a notion that .... More »
Loanova prepares to launch Canada’s first fractional mortgage platform + MORE Nov 27th
The tech-driven startup plans to let everyday investors buy small stakes in syndicated mortgages, while helping borrowers who don’t qualify for traditional bank financing..... 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 »
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 […]
