CMHC increased the default insurance premiums on Canadian borrowers as of March 17, 2017. Effectively, anyone purchasing a home with less than 20% down will fork over up to 1.00%-point more in fees. If you’re down payment is: As an example, if you’re putting down 5% and paying $500,000 for a home (which is below average, believe it or not), […]
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5 Common Mistakes To Avoid When Shopping For A Mortgage
Avoid these 5 common mistakes, and you will have no problem getting your mortgage faster, more efficiently, and with a clear understanding of the process: 1. Thinking banks are the first and best place to go for a mortgage Mortgage brokers can often beat the bank rates by using different lending institutions. The bank is […]
CMHC Increases Premiums 2017
CMHC announced early Tuesday it is increasing its loan insurance premiums effective March 17. “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute […]
Reverse Mortgage Common Objections
Home Equity Bank:They are the only mortgage in Canada where payments are truly optional There are NO PAYMENTS REQUIRED for as long as 1 applicant lives in the home, however payments can be made if they wish. NO medical required, and very limited income & credit requirements Clients can receive up to 55% of the […]
Reverse Mortgage Success Stories
Downsizing: Upgrading: Buy a Family Cottage: Assist Children with Home Purchase: