Found 4 blog entries tagged as Home Financing.

RBC has recently announced a cut in their 5-year fixed term mortgage rate, and with other banks expected to follow suit, now may be a better time than ever to look at locking in that mortgage on a new home.

A mortgage is a loan that is primarily used to buy a home. Lenders will loan you a large sum of money to cover the purchase of a property, using the home as collateral until repayment of the mortgage has been made. Finding the right mortgage to suit your needs may seem daunting at first but with these simple steps you’ll be on your way to home ownership in no time.

Step One: Find a Lender

Apart from the comfort factor, going to a bank where you’re already a customer can make the mortgage application process easier. You can always compare…

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When you think about prime real estate times to buy or sell a home – wisdom would have you thinking spring or summer might be the best seasons.

If you’re a seller - the grass is greener, the flowers are blooming and your curb appeal is at an all-time high!

If you’re buying - you get to see the home and yard in all its glory, looking its best!

But there are a lot of real estate advantages in the winter for both buyers and sellers if you’re willing to step outside the seasonal box!

Here’s some of the advantages to entering into the real estate market in winter if you’re a buyer or seller!

BUYERS

  • Low Inventory- Less Competition

It’s the law of supply and demand. If sellers believe spring and fall are the hot real estate…

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If you're looking to buy a new home in 2018 you'll want to make sure you're familiar with the new mortgage rules. A new minimum qualifying rate has been set, also known as the "stress test" which impacts uninsured mortgages ( mortgage buyers with a down payment that is 20% of more of their home price ). 

Potential home buyers wondering how their buying power has been affected by these changes can reference our mortgage infographic below to help get a sense of what what their affordability will be based on income. If you have any questions about the new Canadian mortgage rules you can contact us and we'll be happy to help. 

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Starting in the new year those individuals applying for uninsured mortgages will face tougher rules when it comes to qualifying for a mortgage.

THE NEW MORTGAGE STRESS TEST 

 As of January 1st, 2018 the Canadian Mortgage and Housing Corporation has released a new stress test that home buyers will need to qualify for before receiving an approval.  Currently those buyers with down payments of 20% or more do not require mortgage insurance through CMHC.  According to the Financial Post, This market will now need to   “Qualify based on either the Bank of Canada posted rate for the five-year fixed rate product or two percentage points above their contracted mortgage rate, whichever is higher.” Currently uninsured buyers can qualify…

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