•Buying Your First Home? No Need For Confusion About Canadian Mortgage Rates
If you are a Canadian buying your first home, it is hardly surprising if you feel overwhelmed by the bombardment of daily news and advice that seems to impact on your home purchasing decisions. If it is not more dire news coming out of the United States about their ongoing housing crises, it seems to be confusing and conflicting speculation about the state of our housing and real estate markets. Now, add into this daily news mix analyst and industry uncertainty about where mortgage rates are...
•Construction Loan Mortgages Finance Dream Homes and Vacation Properties
Construction loan mortgages can turn a vacant piece of land – whether in a not-as-yet developed suburban tract, or the wilds of a favourite rural escape – into a person’s dream home, chalet or vacation retreat. Because these loans are the vehicles that turn a person’s vision of where they would like to live, or where they would like to vacation or retire, they are sometimes referred to as “dream loans’. And everybody has to have a dream.
Construction loan mortgages are typically designed to...
•Equity Loans in Canada Provide Financing Solutions to Every-Day “Problems”
Home equity loans provide solution for home owners in Canada to get household financing planning back on track. That is, unless you have a rich uncle to smooth out the stresses of the accumulation of debt, high interest rates, and/or needing some extra cash for education opportunities or a much needed extended holiday. Equity loans in Canada can provide a financing solution for diverse “problems” from debt consolidation to home renovations to unexpected emergency expenses.
That being said,...
•Examining Home Mortgage Refinancing Options a Summer Priority For Canadians
Canadians looking at their home mortgage refinancing options should note a sea change in emphasis in the Bank of Canada’s policy focus that is affecting, and will in all likelihood continue to affect, Canadian mortgage markets. Well, perhaps not a sea change, but there has been a decided shift in emphasis amongst Canada’s central bankers from spurring the economy through the use of rate cuts, back to keeping a wary eye on inflation.
The Bank of Canada ended a series of six consecutive cuts to...
•First Home Loans: Three Easy Steps to Securing Your First Home
There is truly no place like home. A place to call your own, invite friends over, and just feel that you’ve finally made it! But where does one even begin to end up in the place where the keys have been placed in your hands, keys that will open the door to your own home?
Buying your first home and shopping around for lenders that finance first home loans are steps that can be very intimidating top first time buyers, but they do not need to be. All great things to come begin with a first step....
•Home Equity Loans Allow Canadians To Leverage Housing Gains
Home equity loans can allow Canadian homeowners to leverage the gains they made in what was until recently a red-hot housing market into investments in other sectors. Home ownership, which was once the key fundamental to Canadians’ wealth accumulation strategies, while still important, will likely take a back seat as a strategy in the near term as investment savvy home owners shift their accumulated wealth into other markets. Leveraging built up home equity is a highly advantageous method of...
•Ins and Outs of Stated Income Home Equity Loans
Self-employed consumers looking to access the equity that has built up in their homes – whether for investment purposes, to access capital for their small business enterprise, or merely to consolidate debts at a lower interest rate– quickly run into the sometime perplexing requirements to qualify for a stated income home equity loan. Unlike borrowers who are otherwise employed and can provide lenders with pay slips that readily set out their income stream, small business owners, entrepeneurs...
•Mortgage Brokers In Ontario Governed By New Act And Regulations
Mortgage brokers across Ontario came under the regulation of the Financial Services Commission of Ontario (“FSCO”) on July 1, 2008 when Ontario’s Mortgage Brokerages, Lenders and Administrators Act, 2006 came into effect. The new Act and regulations was put into place in order to protect consumers and mortgage professionals within the industry, and to ensure that Ontarians are dealing with fully credentialed, educated, experienced and suitable brokers and agents when they are arranging for a...
•Mortgage Renewals Advice Available For Canadians During Turbulent Times
Mortgage renewals are becoming a hot topic as Canadians weighing their home refinancing and mortgage renewal options continue to wrestle with a wealth of information about the economy, the housing markets in Canada and where interest rates are headed. The Canadian economy and world economies, in general, seem to be in the midst of turbulent times.
Reports from the annual meeting of the Bank for International Settlements held this week in Basel, Switzerland indicate that rising inflation...
•Mortgages Made Easy For First-Time Home Buyers
Understanding what mortgages are and how they work can be mystifying for first-time homebuyers faced with the need to get financing to purchase their first home. Technically, the type of mortgage that home buyers use to get a loan to purchase a home is a contractual instrument that gives the lender, known as the “mortgagee”, an interest and certain rights in the property purchased by the borrower, or “mortgagor” (When it comes time for you to read and review the documents setting out your...
•Mortgages Rules For Canadian Home Buyers to Be Tightened
On July 9th, the Department of Finance moved to tighten Canada’s mortgages markets by announcing changes to the requirements for federally-backed mortgage insurance. The changes set minimum credit scores that home purchasers must meet to qualify for mortgage insurance on so-called ‘high-ratio mortgages’’ while restricting amortization terms to 35 years and requiring a minimum 5% down payment on mortgages insured through the Canadian Mortgage and Housing Corporation (CMHC) or other...
•Refinancing Solutions Provided By Canadian Mortgage Brokers
Home owners face a perennial refinancing decision each time the term on their existing home mortgage expires. Do you renew your mortgage with your existing bank or lender, or should you shop around to see if better rates and terms are available from another lender?
Most banks and institutional lenders will offer their existing borrowers competitive interest rates when it comes time to renew a mortgage – particularly if the borrower does a little leg work and finds out the competitive rates...
•Second Mortgages To Finance Home Renovations
Second mortgages are allowing Canadians to realize their home renovation aspirations. Canadian homeowners have accumulated significant equity in their homes as housing prices have increased year after year in what has been, until recently, the hottest housing market this country has witnessed since the end of the Second World War. Now that the housing market has cooled, however, Canadians are using some of the equity they have built up to finance significant upgrades to their homes through...
•Talk of Looming “Mortgage Crisis” in Canada Unfounded
Doomsayers, prompted by a continual stream of bad news from the United States about the U.S. housing and mortgages market, continue to predict that Canada is next on the hit list of countries to be sucked into a mortgage and housing crisis triggered by events south of our border. Many of these sobering pieces fail to take into account that the current woes in the United States are very much a made-in-the-U.S.A. phenomenon sparked to a very large degree by ultra-lax lending practices...
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