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April 19th 2010 marks a new start to mortgage financing rules , home buyers looking to purchase a new home will be facing tougher qualification standards: The changes will be limiting home buyers from getting 95% LTV (5% DownPayment) to 90%LTV (10% DownPayment)
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Providing traditional forms of documentation to substantiate income can be difficult for many self-employed and commissionbased borrowers. To streamline the home financing process for self-employed borrowers with or without traditional third party validation
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Newcomers to Canada play an increasing role in Canada’s future population growth, creating new market opportunities. CMHC insured financing is available to borrowers with permanent and non-permanent residence status, helping newcomers to realize
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search for your home easier and less time-consuming. To get your mortgage pre-approved, you will need: your personal information, including identification such as your driver’s license; details on your job and proof of your salary; information about
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Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010: 1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with
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Some bankers told me that the Canadian Banks will increase their posted rates by 100 basis points in or around Oct 16, 2009. And on the same subject the FEDs, may increase the overnight rates little by little starting new year. Australia's incerase
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U.S. Federal Reserve Chairman Ben Bernanke is delivering what he promised five months ago, record-low mortgage rates and a refinancing boom that's putting cash in consumers' pockets. Fixed 30-year mortgage rates fell to a record low for the second
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Finally it happened. The company that I work with as a mortgage specialist merged with a larger company. Yeh, I like it, as this will provide better support and network to me and better services to my clients. check their web site out: www.morcanfinancial.ca
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Hi, These couple of days I feel like the financial companies are going back on track and finally trying to do business as usual. Of course there are some changes, as the new market specifications require them to have a good appraisal, and check the Buyer's
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Through an innovative program called the Money Merge Account system, homeowners across the nation are paying off their mortgages in as little as 1/2 to 1/3 the time. Become one of the thousands of United First Financial clients paying off a home mortgage
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Paying extra amounts on your mortgage can make a big interest saving over time. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a
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Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save
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As mentioned before, when you put a 25% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that
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When you require a mortgage for more than 80% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by these company`s decreases as the down payment increases.
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The options for mortgages available can be very confusing for most mortgage shoppers. Terms for mortgages vary between variable and fixed rate, 6-month terms to 10 year terms. Taking a variable or floating rate mortgage can have savings. Typically the
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