CMHC will no longer insure self-employed mortgages without income validation. So this is obvious now that self-employed people have better chances to get mortgage using mortgage brokers than regular lenders such as banks. It is extremely hard to navigate which lenders specialize in self-employed mortgages or have more favorable terms for the self-employed. Mortgage brokers…
2014 is almost half way over but do not fret, it is not too late to implement some changes to aid your mortgage. Keep organized and you can still obtain as good mortgage deals. Here are 7 mortgage tips for the rest of 2014. Due to the new mortgage regulations implementing in 2014, lenders are extra…
Mortgage default insurance, also known as “mortgage insurance” helps Canadian buy a home sooner and with a lower down payment. It protects lenders against any loss caused by unpaid payments, or a property sale that does not generate enough money to pay the outstanding balance. According to The Financial Post, starting May 30th, 2014, Canada Mortgage and Housing…
Mortgage can bring a hurricane of questions and troubles for home buyers. The Globe and Mail recently put up the question of “Should you get pre-approved for a mortgage?” Let’s break everything down and take a look. You’ll get an idea about the price range you should aim for during your househunting. By knowing how…
Canada Mortgage and Housing Corp (CMHC) said late Friday April 25, 2014 it will stop insuring mortgages on second homes, effective May 30, 2014. Anyone who has an insured mortgage will no longer be able to act as a co-borrower on another mortgage that CMHC insures. In addition, it will stop offering mortgage insurance to…
Meet Evan and Violet. They are married, 27 and expecting their first child. They also both have good jobs and unfortunately and a big mortgage. They have big and expensive plans for the future. They want to raise three or four children and especially save money for their university educations. However, Violet plans to quit…
There have been numerous reports suggesting the current economy is making it hard for Generation Y to purchase their own property. While it is true for the most part, some milennials are winning the game. While most people in their 20s spend their income for social pleasure, one young adult in Toronto is taking life…
As the housing market becomes more and more expensive, and the economy not helping the youth these days, it’s natural for parents to want to help their children have their own place to live. Parents are more often than not, paying at least the down payment when helping to purchase a home for their…
When it comes to the Canadian housing market, you’ve likely heard the sensationalized phenomenon of the housing bubble that is about to burst at any moment. The conditions to this prophetic, real estate apocalypse began just prior to the 2008 global financial crisis: there was a strong economy, low interest rates, and more lenient lending…
In the last blog post, the booming spring real estate market was discussed. With a change of winds and more sunshine, spring may have you considering the next chapter in your life. With your heart set on a change of scenery, a burgeoning family, or an upgrade for your kin, buying a new home is as…
