Tag: mortgage rules

Longer mortgage amortizations.

Longer amortizations…why do they cost more?

By: igill

With new regulations, insured mortgages have a maximum 25 year amortization. Banks often choose to insure low ratio mortgages, and cover the cost themselves. Having insured mortgages allows banks to off load the risk and securitize these mortgages.

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Department of Finance rules lead to fewer first-time home loans

By: The Super Broker

Rules issued by the Department of Finance last year that tightened mortgage standards appear to be having their intended effect, slightly suppressing demand by first-time buyers, especially in British Columbia. While approximately 20 percent of people across Canada who were looking to secure first-time home loans delayed such a move due to the new rules, …

CMHC

Home loans soon to be under stricter regulation

By: The Super Broker

The Canadian Mortgage and Housing Corporation (CMHC) recently issued new guidelines for the use of debt ratios and confirmation of income documents in their mortgage calculators. Set to take effect on December 31, 2013, many lenders are already adhering to the stipulations, while others, like Genworth Canada, are in the process of reviewing them, and may …

Flaherty says government intervention is done, others say differently

By: The Super Broker

While many industry observers feel that the mortgage restrictions put in place by Finance Minister Jim Flaherty could lead to a crash in the Canadian real estate market, Flaherty feels that current figures are a positive sign, according to Financial Post. "I'm comfortable about where we are," he told Julian Beltrame of the Canadian Press. "I'm …

Buyers turn to renting, but low mortgage rates remain

By: The Super Broker

Mortgage restrictions are turning first-time homebuyers into renters, and the increase in rental demand is resulting in higher costs, according to an article from Canadian Mortgage Trends.

Low mortgage rates remain despite government interference

By: The Super Broker

It seems that not every member of the Conservative cabinet is a huge fan of Finance Minister Jim Flaherty’s penchant for getting involved in the mortgage market.

amortization period

OSFI considers shortening amortization rates

By: The Super Broker

Reports out of Ottawa could spell big changes for mortgage borrowers concerning amortization rates, according to The Globe and Mail.

Home prices rise, construction declines

By: The Super Broker

If it seems like Canada’s housing market bounces back and forth from doom and gloom to optimism and sunshine faster than a mortgage application can be submitted, it’s likely because it makes for better headlines than the truth: The market is cooling, but it’s heading for a soft landing, not a crash.

small business owners

Obtaining a mortgage as a self-employed borrower

By: The Super Broker

With mortgage rates continuing to stay near ultra-low levels, it’s no surprise that many Canadians are clamoring to invest in a home purchase or refinance their current home loan.

First-time homebuyers opt for fixed rates

By: The Super Broker

New data from the Bank of Montreal is shedding light on homebuyer habits, particularly those concerning first-time homebuyers.

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