Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Scotiabank to buy small Dallas bank in mortgage-finance play + MORE May 30th
Scotiabank agreed to acquire Maple Financial Holdings Inc., which owns a small U.S. commercial bank, as the Canadian firm looks to expand its structured-finance business in the American mortgage industry. .... More »
Should you buy or sell first in today’s real estate market? May 1st
We’re in the market for a new home, but we aren’t sure whether we should sell our home first or buy first. We’ve had people suggest both, and we’re wondering what might be best in the current real estate market.
Should you buy or sell first in real estate?
Whether you should buy .... More »
Tax Free Savings Accounts should be 2nd on your list Sep 4th
There are over 10million TFSA accounts in Canada according to this article in the Financial Post. Wow, it’s great to see that level of savings…. But hold on…..is this the right strategy for those of us with a mortgage? Well, if you have a mortgage on your principal reside.... More »
First-Time Home Buyers In Canada Aren't Tapping Mom And Dad Like We Thought + MORE Jun 9th
It's a common refrain among Canadians looking into buy a home for the first time: they need to tap the "Bank of Mom and Dad."
But precisely how many of us are doing that is not clear.
A report by the Canadian Association of Accredited Mortgage Professionals (CAAMP) suggests fewer of us are tapping.... More »
The Hardest Part About Burning Your Mortgage + MORE Mar 16th
Similar to a sweet dream, paying off a mortgage loan valued at hundreds of thousands of dollars is a goal that sometimes seems so out of reach.
But it is possible.
A little over a year ago, I paid off a 30-year mortgage on a home I had bought only three years earlier. I now live mortgage-free in To.... More »
Couple's retirement plan meets cold reality
– theglobeandmail.com
In their 50s and mortgage-free, Hank and Haley aim to quit work early – but planners say the numbers don’t work
CMHC Raises Mortgage Premiums
– canadianmortgagetrends.com
People without a 20% down payment will be paying more to buy a house. Come May 1, the nation’s largest default insurer is bumping up its standard premiums by 0.10…
Mortgage Careers of the Week
– canadianmortgagetrends.com
Company: Firm Capital Position Title: Mortgage Portfolio Accountant Previous Experience Required: Knowledge of the mortgage industry Licences or Registrations Required: No Location of Position: Toronto, Ontario Applicants may contact: careers@firmcapital.com…
CMHC raising rates for mortgage insurance
– moneysense.ca
OTTAWA - Canada Mortgage and Housing Corp. is raising the rates it charges to insure mortgage loans.
The federal agency said Friday the new premiums will go into effect May 1 and apply to new mortgages, not those already insured.
How much the rates will increase depends on how much a prospective home buyer is putting down on their purchase.
Financial institutions generally require mortgage loan insurance for buyers making a down payment of less than 20 per cent.
The insurance protects the lenders from defaults but the costs usually are borne by the borrowers.
Buyers putting down a 10 per cent downpayment will see premiums rise to 2.4 per cent from two per cent; those with a 15 per cent down payment will see an increase to 1.8 per cent from 1.75 per cent.
The increases could add thousands to the overall cost of buying a home for those borrowing large amounts and putting little down, but CMHC estimated the increase will add about $5 per month to an average buyer’s mortgage payments…
The federal agency said Friday the new premiums will go into effect May 1 and apply to new mortgages, not those already insured.
How much the rates will increase depends on how much a prospective home buyer is putting down on their purchase.
Financial institutions generally require mortgage loan insurance for buyers making a down payment of less than 20 per cent.
The insurance protects the lenders from defaults but the costs usually are borne by the borrowers.
Buyers putting down a 10 per cent downpayment will see premiums rise to 2.4 per cent from two per cent; those with a 15 per cent down payment will see an increase to 1.8 per cent from 1.75 per cent.
The increases could add thousands to the overall cost of buying a home for those borrowing large amounts and putting little down, but CMHC estimated the increase will add about $5 per month to an average buyer’s mortgage payments…
CMHC To Boost Premiums
– ratesupermarket.ca
Yesterday, the Canada Mortgage and Housing Corporation (CMHC) geared up for a big announcement. Today, it has officially announced that it will be raising its insurance premiums effective May 1st of this year for anyone seeking a mortgage with less than 20 per cent down payment. The new premiums will apply to owner occupied, self-employed and 1-to-4 unit rental properties. Mortgages premiums at this time will increase by approximately 15%, on average, for all loan-to-value ranges.What is Mortgage Insurance?
Mortgage loan insurance applies to home buyers who have a 5% to 20% downpayment. The insurance protect the lender in case of default since mortgage shoppers with downpayments under 20% are viewed as “slightly higher risk”. The premium is paid by the homeowner as either a single lump sum, or it can be added to your monthly mortgage payments. The CMHC is a government organization that is the largest provider of mortgage loan insurance in Canada.
Who is affected?
The rise will have no affect on mortgages currently insured by CMHC, only new mortgage insurance requests submitted on or after May 1st will be subject to these higher rates, regardless of the closing date…
