Starting on September 2, 2019, the First-Time Home Buyer Incentive will help middle class families take their first steps towards homeownership by reducing monthly mortgage payments required for first-time homebuyers without increasing the amount they need to save for a downpayment. This program complements other measures taken in Budget 2019 to support first time homebuyers with their […]
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Bona-Fide Sales Only Clauses
Imagine spending hours of your life to: I’ve seen this happen on more than one occasion and it’s not pretty. His lawyer found out he had a “bona-fide sale” clause in his mortgage contract. A bona-fide sale clause is a fancy way of saying that you can’t leave your lender until the term is up, […]
First-Time-Home-Buyer Program
The details on the government’s much-hyped First-Time Home Buyer Incentive (FTHBI) continue to trickle out. The latest clues on its operation come from Evan Solomon’s interview with CMHC CEO Evan Siddall. In that interview, Siddall comments on some lingering FTHBI question marks, namely: The Maximum Home Price How the “Sharing” Part Works What if the Market Tanks? […]
Self Employed Using More Private Lenders
The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage. While many prospective homeowners are driven to alternate lenders because of government-mandated stress tests and poor credit scores, the self-employed often have additional burdens to overcome in proving their income. “There’s more and more people seeking […]
7 Steps To Buying A Home
It’s important to understand the home buying process, so here’s a 7-step checklist. Step 1: Down PaymentThe hardest part to buying a home is saving the down payment (a gift from the Bank of Mom & Dad also works).• For purchases under $500,000 minimum down payment is 5%.• Buying between $501-999,000 you need 5% on […]