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), […]
General Information
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:
Down Payment Government Assistance
On Dec 15, 2016 the BC Government announced the launch of their ‘Homeowner Mortgage and Equity Partnership Program’ to assist first time home buyers who are residents of BC (as well as either citizens or permanent residents of Canada for at least five years). While many are heralding this as a good news story, others […]