Did you plan to opt for a better mortgage term for your upcoming mortgage renewal, but failed to negotiate a favorable offer from your current lender? In such a situation, you can switch to another lender by consulting with a mortgage broker. These are mortgage experts who are versatile in their profession and have the knowledge and expertise to help you find the right lender and product to suit your financial needs.
As of July 1st, CMHC is tightening its guidelines for high-ratio/insured mortgages, to reduce demand and stabilize housing markets. It’s also a direct response to the high number of mortgage deferrals after the COVID-19 pandemic. Read on to learn more.
Organizing a successful move into a new home can be quite a challenge. After all, moving can often create a list of never-ending chores, making the process stressful or laborious. Yet, with a little preparation, you can handle the task with ease and complete it quickly.
As coronavirus (COVID-19) continues to spread across countries and cities, economies across the world have taken a hit. Uncertainty in the markets, declining economy, and rise in unemployment have impacted thousands of lives. If you’re finding it challenging to pay your rent or meet your mortgage payments, and other expenses, you’re not alone.
Obtaining a mortgage can be a tedious process, especially with the tighter approval criteria presented by the Canadian lending authorities. But, once your mortgage is approved, you can relax for a bit until it’s time to renew your mortgage.
How much do you actually know about reverse mortgages? Most people know that they are available to help Canadians who are fifty-five years and older with access to equity in their homes tax-free. But many people mistakenly think that Canadian reverse mortgages are just like those offered in the U.S.
If you’re struggling to obtain your first mortgage, you’re in luck because the government’s First-Time Home Buyer Incentive (FTHBI), is now at your disposal. The FTHBI is a shared equity program introduced by the government of Canada and is available to first time home buyers. The program was officially launched on September 2, 2019, by the CMHC (Canadian Mortgage and Housing Corporation), and is meant to help younger buyers afford a new house with lower mortgage payments.
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