Did you know … as of March 18th 2011, you will no longer be able to take out a mortgage with an amortization period of more than 30 years. The change was implemented as a preventive measure to ensure people aren't over extending themselves. Some banks are taking advantage of this to offer incentives for would be home purchasers before the deadline, so take advantage now!
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Posted by Szabolcs Pall
on March 17, 2011
We're faced decisions throughout our normal day, and usually get them right without much difficulty.
But while each of us is well equipped to make every day decisions, it’s not always so simple. When we consider selling our home, that decision is one that obviously requires much greater scrutiny. Consider the following:
How much equity do I currently have? - The amount of money you ...
Posted by Szabolcs Pall
on June 1, 2010
Did you know that there are a variety of government programs to help you save or borrow the funds for your home purchase? The RRSP Home Buyer's Plan, the Home Buyer Tax Credit and the Land Transfer Tax Rebate can help overcome the difficult challenge of saving money for a down payment faced by many First Time Home Buyers today. As a REALTOR® I can help you understand how these programs ...
Posted by Szabolcs Pall
on March 29, 2010
Did you know that you can still get financing for up to 100% of your home? There is no getting around the 5% down payment required by CMHC, but some lenders will give you the 5% down payment if you are willing to take on a higher interest rate.
Don't forget though, that for non-owner occupied or investment properties, you now need a 20% down payment as part of the new mortgage rule ...
Posted by Szabolcs Pall
on March 2, 2010
I was recently approached by a friend, who required some direction on the purchase of his first condo. 'Michael' had visited the showrooms of a nearby developer and had received some encouraging news about "some really cheap pre-construction prices". But as a prudent purchaser faced with one of his biggest investments, Michael wrote to me asking for some advice on what questions he needs ...
Posted by Szabolcs Pall
on August 5, 2009
Interesting news filtering in this morning, that CMHC had been warned about the burden it was placing on borrowers of home loans with minimal downpayment and long term amortization, and it's potential effect on the current economic crunch. In February 2006, U.S. based insurance companies were allowed to insure mortgages in Canada, and this competition for market share saw the introduction of ...
Posted by Szabolcs Pall
on December 18, 2008