Found 6 blog entries tagged as mortgage.

This post is time sensitive, with implications for your mortgage, cashflow, and credit for April - Sept 2020, all due to Covid-19.

 I am not a medical professional.  I know NOTHING about health.  There are hundreds of news stories out there about Covid-19.  Many more about government actions.  About social distancing.  This is NOT one of those posts.  It should also be noted, that as with everything Covid, the situation is fluid and changing.

 The federal government announced the Covid-19 Mortgage Payment Deferral Program.  Essentially freeing up extra cash flow for mortgage holders NOW, in the middle of the outbreak.  The best page directly from the government describing the program…

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The Government Has Made Changes

In the government's never ending attempt to influence the market, control risks to the larger economy (bubbles in Vancouver / Toronto), spur / restrict the economy, encourage home ownership, fund budgets (BC speculator tax), and otherwise create headaches for people wanting to buy, this is a list of the changes wrought to the mortgage industry in the last decade:

Confusing? This is why I stress the importance of using an experienced mortgage broker.  Someone who tracks these changes.  So you don't have to.

 

 

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Ottawa, ON, February 18, 2020 – Earlier today, Minister of Finance Bill Morneau announced changes to the mortgage stress test.

The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, coming into effect on April 6, 2020, will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent.

Recently, the gap between the Bank of Canada’s five-year benchmark rate and borrowers’ actual contract rates has been widening, suggesting the benchmark rate has become less responsive to changes in the market.

In October 2016, Finance Canada introduced a stress test for insured mortgages. In 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued…

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A home purchase is one of the largest assets and the biggest debt that a person will have. If this is your first time obtaining mortgage, then there are a few things that you need to know about what is required to qualify.

1)      Credit History: How is your current credit and how has it been in the past? Your financial institution will look at your rating, and that everything is in good standing. If you are able to manage your debt, then it reflects on your ability to manage house payments.

2)      Debt Load: What are your liabilities? How much debt do you have? Your financial institution will look at the amount that you owe compared to the amount that you earn. Your debts should not exceed 40 to 42 % of your gross income, and your housing…

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Have you noticed that with all the turmoil in the world that thing are getting a little crazy ?   Considering all the craziness in the worl.  Real estate still seams to be a pretty safe bet.
Prices have begun to back off a bit in recent months.  But Lethbridge has had only small fall backs in pricing.  But even these small rollbacks can have a positive benefit to the buyer.  And hopefully no negative effects on the seller.   

The new qualifying rules have put a lot of pressure on the first time home buyer and scarred the hell out of even the most seasoned home owners.  It makes it harder for the sellers to find approved buyers. And creates a stressful environment for the buyers.  Although it is meant to protect the market, and the people getting into the…

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SAVE YOURSELF SERIOUS DIAPOINTMENT AND GET PRE-APPROVED

FOLLOW THESE TOP TIPS FOR GETTING YOUR DREAM HOME

 

Getting the right Mortgage is very important. Getting the right mortgage pre-approval is critical.

 

Are you considering buying a home?   Make sure you take the right steps before you look at potential homes and save yourself some major disappointment. Lots of eager home buyers rush to the market and start looking at homes before checking to see what they can and cannot afford.

That is probably the worst thing anyone can do!

Many times, I have had people call me up and ask to see a home that they found on the web and have fallen in love with. I often caution them once I meet them at the home that if they have not yet talked…

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