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HOW TO AVOID PENALTIES FOR BREAKING YOUR MORTGAGE EARLY The average penalty Woodhouse sees is roughly 4.5% of the balance on a four-year fixed or longer fixed term, while the record was 7.7% with a major chartered bank on a “significant” mortgage. “We see absolute devastation when it is 5%-down buyers in a flat or declining market that also paid a 4.15% CMHC premium, and are paying realtor WHAT HAPPENS ON CLOSING DAY? As mentioned, there are many fees you may incur and have to pay on closing day. In this section, we lay out some of the fees you have to get your pocket ready for. Deposit. The deposit is a portion of the total home purchase price that has to come out of your pocket. Typically, the down payment has to be 5-20% of the total purchaseprice.
THE DIFFERENCE BETWEEN POSTED INTEREST RATES AND For a five-year fixed rate mortgage, for example, some lenders use an interest rate differential (IRD) to calculate the penalty, which is expensive when based on a posted rate. Some monoline lenders, on the other hand, will only have a discounted interest rate, so then the IRD is a lot lower. Westlake agrees that this may be a reason why banks 20% OF CANADIAN HOUSEHOLDS ARE IN ‘MILLIONAIRE Vancouver remained at the top of the list with net worth of $1,217,630, a rise of 19.4% year-over-year but three other cities joined it in the 7-figure league. Toronto households saw a 17% increase in their net worth to $1,154,107 and Victoria gained 15.4% to $1,055,468. Calgary gained 9% despite the continued soft oil industryand entered the
HOW DOES A VENDOR TAKE-BACK MORTGAGE WORK? A Vendor take-back mortgage, or simply VTB, is when the seller or vendor basically becomes the lender. He or she lends the buyer money to purchase the home which the vendor is selling. VTB only works if the seller owns the property outright—a vendor who is still paying the mortgage of the property they are selling cannot offer VTB. WHY IS HAMILTON'S HOUSING MARKET ONE OF THE HOTTEST According to the Realtors Association of Hamilton-Burlington (RAHB), 2,756 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in June, which is 23.8 per cent higher than the same month last year, and 28 per cent higher than the 10-yearaverage.
RENEWAL & REFINANCE CALCULATOR It’s a difficult decision to make, but our Refinance Mortgage Calculator can make it easier for you. The calculator will show any savings you could have in your monthly payments if you choose to refinance. You can then compare these savings to the fees required for refinancing. Or get help from an expert. MORTGAGE AFFORDABILITY CALCULATOR To help answer this, our Mortgage Affordability Calculator is a great starting point. The calculator helps determine how much you can afford based on your yearly income—along with the income of anyone else purchasing a home with you and your monthly expenses. To get the most accurate result, make sure to indicate all of the figures for your WHAT COUNTS AS INCOME FOR YOUR MORTGAGE? Here are some of the most common types of income that you can use to qualify you for your mortgage, some of which may give you more buying power than you think. Salary. Having income from a long-term, salaried position is the easiest way to qualify for a mortgage. Your income can be proved easily through an employment letter and recent pay THE MAJORITY OF MONTREAL HOUSEHOLDS ARE RENTING The highest percentage of renters is concentrated in Côte-des-Neiges–Notre-Dame-de-Grâce, where 73% of households rent. In contrast, only 6% of households in the suburb of Kirkland on the Island of Montreal are renting. “Rent is highest in Outremont — $1,269. But Westmount homeowners spend the most on housing: $2,304,including mortgage
HOW TO AVOID PENALTIES FOR BREAKING YOUR MORTGAGE EARLY The average penalty Woodhouse sees is roughly 4.5% of the balance on a four-year fixed or longer fixed term, while the record was 7.7% with a major chartered bank on a “significant” mortgage. “We see absolute devastation when it is 5%-down buyers in a flat or declining market that also paid a 4.15% CMHC premium, and are paying realtor WHAT HAPPENS ON CLOSING DAY? As mentioned, there are many fees you may incur and have to pay on closing day. In this section, we lay out some of the fees you have to get your pocket ready for. Deposit. The deposit is a portion of the total home purchase price that has to come out of your pocket. Typically, the down payment has to be 5-20% of the total purchaseprice.
THE DIFFERENCE BETWEEN POSTED INTEREST RATES AND For a five-year fixed rate mortgage, for example, some lenders use an interest rate differential (IRD) to calculate the penalty, which is expensive when based on a posted rate. Some monoline lenders, on the other hand, will only have a discounted interest rate, so then the IRD is a lot lower. Westlake agrees that this may be a reason why banks 20% OF CANADIAN HOUSEHOLDS ARE IN ‘MILLIONAIRE Vancouver remained at the top of the list with net worth of $1,217,630, a rise of 19.4% year-over-year but three other cities joined it in the 7-figure league. Toronto households saw a 17% increase in their net worth to $1,154,107 and Victoria gained 15.4% to $1,055,468. Calgary gained 9% despite the continued soft oil industryand entered the
HOW DOES A VENDOR TAKE-BACK MORTGAGE WORK? A Vendor take-back mortgage, or simply VTB, is when the seller or vendor basically becomes the lender. He or she lends the buyer money to purchase the home which the vendor is selling. VTB only works if the seller owns the property outright—a vendor who is still paying the mortgage of the property they are selling cannot offer VTB. WHY IS HAMILTON'S HOUSING MARKET ONE OF THE HOTTEST According to the Realtors Association of Hamilton-Burlington (RAHB), 2,756 new listings were processed through the RAHB Multiple Listing Service® (MLS®) System in June, which is 23.8 per cent higher than the same month last year, and 28 per cent higher than the 10-yearaverage.
MORTGAGE AFFORDABILITY CALCULATOR To help answer this, our Mortgage Affordability Calculator is a great starting point. The calculator helps determine how much you can afford based on your yearly income—along with the income of anyone else purchasing a home with you and your monthly expenses. To get the most accurate result, make sure to indicate all of the figures for your MORTGAGES EXPLAINED: THE BASICS A mortgage is a home loan secured by real property, commonly referred to as real estate. In essence it is a contract that includes rights and obligations of both parties. The term actually comes from a French term meaning "Death Contract". Sounds kind of morbid doesn't it. 2. CONSTRUCTION MORTGAGES A construction mortgage is exactly what it sounds like: a mortgage that covers the cost of the construction of your home. As you might imagine, they differ from other types of mortgages in a number of ways. There are two types of mortgages that you can get when you are buying a home. The first is known as a completion mortgage, underwhich the
WHAT ARE TDS, GDS, AND LTV RATIOS? GDS: $2,060 / $5,417 = .38 x 100 = 38 per cent. TDS: $2,610 / $5,417 = .48 x 100 = 48 per cent. As you can see, Linda and Bill are below the GDS standard, but their TDS is a little bit higher than lenders like to see. Both of Ed’s ratios are too high according to industrystandards.
MORTGAGE BASICS: OPEN VS. CLOSED Although open mortgages have greater flexibility, they tend to have slightly higher interest rates than that of a closed mortgage. With these, the door is essentially open when it comes to making changes. Lenders offer lower interest rates for closed mortgages because they can make more money off of them than with open mortgages. HOW TO AVOID PENALTIES FOR BREAKING YOUR MORTGAGE EARLY The average penalty Woodhouse sees is roughly 4.5% of the balance on a four-year fixed or longer fixed term, while the record was 7.7% with a major chartered bank on a “significant” mortgage. “We see absolute devastation when it is 5%-down buyers in a flat or declining market that also paid a 4.15% CMHC premium, and are paying realtor MORTGAGE BASICS: FIXED VS VARIABLE The popular choice. In the past, variable rates used to be calculated prime rate minus, while today they’re prime rate plus, narrowing the spread, which is the difference between the interest rate on a fixed rate mortgage or an adjustable rate mortgage. In May, the spread between a current variable rate and a fixed rate was negligible. SMART WAYS TO USE YOUR HOME EQUITY Here are some smart ways that you can use your home equity to improve your lot. Renovating is a popular, if not the most popular, reason why homeowners tap into their home equity. Of the $41 billion in equity taken out in 2016, it's estimated that $12.8 billion (31 per cent) would be used for renovation or home repair, according to the survey. ARE YOU OVEREXTENDING YOURSELF WITH TOO BIG OF A MORTGAGE Buying a home is a big deal, but going in unprepared can put you at a big risk of overextending yourself and getting too big of a mortgage. All else aside, the size of your mortgage and your bottom line should come first when it comes to buying a home. THE TRUTH ABOUT PROPERTY DISCLOSURE STATEMENTS The truth about property disclosure statements. By WM 30 Mar 2013. SHARE. Some of the surprises homebuyers across Canada have discovered in their property after closing that were not disclosed by the seller include foundation cracks, basement flooding, mould behind the walls, water in basement, cracks in foundation. RENEWAL & REFINANCE CALCULATOR It’s a difficult decision to make, but our Refinance Mortgage Calculator can make it easier for you. The calculator will show any savings you could have in your monthly payments if you choose to refinance. You can then compare these savings to the fees required for refinancing. Or get help from an expert. MORTGAGE AFFORDABILITY CALCULATOR To help answer this, our Mortgage Affordability Calculator is a great starting point. The calculator helps determine how much you can afford based on your yearly income—along with the income of anyone else purchasing a home with you and your monthly expenses. To get the most accurate result, make sure to indicate all of the figures for your WHAT COUNTS AS INCOME FOR YOUR MORTGAGE? Here are some of the most common types of income that you can use to qualify you for your mortgage, some of which may give you more buying power than you think. Salary. Having income from a long-term, salaried position is the easiest way to qualify for a mortgage. Your income can be proved easily through an employment letter and recent pay WHAT ARE TDS, GDS, AND LTV RATIOS? GDS: $2,060 / $5,417 = .38 x 100 = 38 per cent. TDS: $2,610 / $5,417 = .48 x 100 = 48 per cent. As you can see, Linda and Bill are below the GDS standard, but their TDS is a little bit higher than lenders like to see. Both of Ed’s ratios are too high according to industrystandards.
HOW TO AVOID PENALTIES FOR BREAKING YOUR MORTGAGE EARLY The average penalty Woodhouse sees is roughly 4.5% of the balance on a four-year fixed or longer fixed term, while the record was 7.7% with a major chartered bank on a “significant” mortgage. “We see absolute devastation when it is 5%-down buyers in a flat or declining market that also paid a 4.15% CMHC premium, and are paying realtor WHAT HAPPENS ON CLOSING DAY? As mentioned, there are many fees you may incur and have to pay on closing day. In this section, we lay out some of the fees you have to get your pocket ready for. Deposit. The deposit is a portion of the total home purchase price that has to come out of your pocket. Typically, the down payment has to be 5-20% of the total purchaseprice.
THE MAJORITY OF MONTREAL HOUSEHOLDS ARE RENTING The highest percentage of renters is concentrated in Côte-des-Neiges–Notre-Dame-de-Grâce, where 73% of households rent. In contrast, only 6% of households in the suburb of Kirkland on the Island of Montreal are renting. “Rent is highest in Outremont — $1,269. But Westmount homeowners spend the most on housing: $2,304,including mortgage
MORTGAGE BASICS: OPEN VS. CLOSED Although open mortgages have greater flexibility, they tend to have slightly higher interest rates than that of a closed mortgage. With these, the door is essentially open when it comes to making changes. Lenders offer lower interest rates for closed mortgages because they can make more money off of them than with open mortgages. THE DIFFERENCE BETWEEN POSTED INTEREST RATES AND For a five-year fixed rate mortgage, for example, some lenders use an interest rate differential (IRD) to calculate the penalty, which is expensive when based on a posted rate. Some monoline lenders, on the other hand, will only have a discounted interest rate, so then the IRD is a lot lower. Westlake agrees that this may be a reason why banks THE TRUTH ABOUT PROPERTY DISCLOSURE STATEMENTS The truth about property disclosure statements. By WM 30 Mar 2013. SHARE. Some of the surprises homebuyers across Canada have discovered in their property after closing that were not disclosed by the seller include foundation cracks, basement flooding, mould behind the walls, water in basement, cracks in foundation. RENEWAL & REFINANCE CALCULATOR It’s a difficult decision to make, but our Refinance Mortgage Calculator can make it easier for you. The calculator will show any savings you could have in your monthly payments if you choose to refinance. You can then compare these savings to the fees required for refinancing. Or get help from an expert. MORTGAGE AFFORDABILITY CALCULATOR To help answer this, our Mortgage Affordability Calculator is a great starting point. The calculator helps determine how much you can afford based on your yearly income—along with the income of anyone else purchasing a home with you and your monthly expenses. To get the most accurate result, make sure to indicate all of the figures for your WHAT COUNTS AS INCOME FOR YOUR MORTGAGE? Here are some of the most common types of income that you can use to qualify you for your mortgage, some of which may give you more buying power than you think. Salary. Having income from a long-term, salaried position is the easiest way to qualify for a mortgage. Your income can be proved easily through an employment letter and recent pay WHAT ARE TDS, GDS, AND LTV RATIOS? GDS: $2,060 / $5,417 = .38 x 100 = 38 per cent. TDS: $2,610 / $5,417 = .48 x 100 = 48 per cent. As you can see, Linda and Bill are below the GDS standard, but their TDS is a little bit higher than lenders like to see. Both of Ed’s ratios are too high according to industrystandards.
HOW TO AVOID PENALTIES FOR BREAKING YOUR MORTGAGE EARLY The average penalty Woodhouse sees is roughly 4.5% of the balance on a four-year fixed or longer fixed term, while the record was 7.7% with a major chartered bank on a “significant” mortgage. “We see absolute devastation when it is 5%-down buyers in a flat or declining market that also paid a 4.15% CMHC premium, and are paying realtor WHAT HAPPENS ON CLOSING DAY? As mentioned, there are many fees you may incur and have to pay on closing day. In this section, we lay out some of the fees you have to get your pocket ready for. Deposit. The deposit is a portion of the total home purchase price that has to come out of your pocket. Typically, the down payment has to be 5-20% of the total purchaseprice.
THE MAJORITY OF MONTREAL HOUSEHOLDS ARE RENTING The highest percentage of renters is concentrated in Côte-des-Neiges–Notre-Dame-de-Grâce, where 73% of households rent. In contrast, only 6% of households in the suburb of Kirkland on the Island of Montreal are renting. “Rent is highest in Outremont — $1,269. But Westmount homeowners spend the most on housing: $2,304,including mortgage
MORTGAGE BASICS: OPEN VS. CLOSED Although open mortgages have greater flexibility, they tend to have slightly higher interest rates than that of a closed mortgage. With these, the door is essentially open when it comes to making changes. Lenders offer lower interest rates for closed mortgages because they can make more money off of them than with open mortgages. THE DIFFERENCE BETWEEN POSTED INTEREST RATES AND For a five-year fixed rate mortgage, for example, some lenders use an interest rate differential (IRD) to calculate the penalty, which is expensive when based on a posted rate. Some monoline lenders, on the other hand, will only have a discounted interest rate, so then the IRD is a lot lower. Westlake agrees that this may be a reason why banks THE TRUTH ABOUT PROPERTY DISCLOSURE STATEMENTS The truth about property disclosure statements. By WM 30 Mar 2013. SHARE. Some of the surprises homebuyers across Canada have discovered in their property after closing that were not disclosed by the seller include foundation cracks, basement flooding, mould behind the walls, water in basement, cracks in foundation. MORTGAGES EXPLAINED: THE BASICS A mortgage is a home loan secured by real property, commonly referred to as real estate. In essence it is a contract that includes rights and obligations of both parties. The term actually comes from a French term meaning "Death Contract". Sounds kind of morbid doesn't it. 2. CONSTRUCTION MORTGAGES A construction mortgage is exactly what it sounds like: a mortgage that covers the cost of the construction of your home. As you might imagine, they differ from other types of mortgages in a number of ways. There are two types of mortgages that you can get when you are buying a home. The first is known as a completion mortgage, underwhich the
FIRST TIME HOME BUYERS PROPERTY GUIDE & TIPS Consumer confidence plummets amid COVID-19 outbreak. Canadians think now is a bad time to make a major purchase, study shows. 18 Mar 2020 WHAT ARE TDS, GDS, AND LTV RATIOS? GDS: $2,060 / $5,417 = .38 x 100 = 38 per cent. TDS: $2,610 / $5,417 = .48 x 100 = 48 per cent. As you can see, Linda and Bill are below the GDS standard, but their TDS is a little bit higher than lenders like to see. Both of Ed’s ratios are too high according to industrystandards.
CMHC FEES, CMHC INSURANCE CALCULATOR The insurance cost is included in your mortgage payments, but you should still know how much it costs. Our Mortgage CMHC Mortgage Insurance Calculator helps you determine the cost of your mortgage insurance. Enter your down payment amount and the length of time for your mortgage repayment to calculate the costs of your insurancepremium.
MORTGAGE BASICS: OPEN VS. CLOSED Although open mortgages have greater flexibility, they tend to have slightly higher interest rates than that of a closed mortgage. With these, the door is essentially open when it comes to making changes. Lenders offer lower interest rates for closed mortgages because they can make more money off of them than with open mortgages. SMART WAYS TO USE YOUR HOME EQUITY Here are some smart ways that you can use your home equity to improve your lot. Renovating is a popular, if not the most popular, reason why homeowners tap into their home equity. Of the $41 billion in equity taken out in 2016, it's estimated that $12.8 billion (31 per cent) would be used for renovation or home repair, according to the survey. ARE YOU OVEREXTENDING YOURSELF WITH TOO BIG OF A MORTGAGE Buying a home is a big deal, but going in unprepared can put you at a big risk of overextending yourself and getting too big of a mortgage. All else aside, the size of your mortgage and your bottom line should come first when it comes to buying a home. THE RETURN OF THE VENDOR TAKE-BACK MORTGAGE? The VTB has been flying under the radar in recent years because of lending conditions. “A vendor take-bank only works if you have a motivated seller. It’s supply and demand. So when there’s more buyers than sellers, or sellers than buyers, it’s gonna change the dynamic,” says mortgage broker Claire Drage. “Having said that,though
THE TRUTH ABOUT PROPERTY DISCLOSURE STATEMENTS The truth about property disclosure statements. By WM 30 Mar 2013. SHARE. Some of the surprises homebuyers across Canada have discovered in their property after closing that were not disclosed by the seller include foundation cracks, basement flooding, mould behind the walls, water in basement, cracks in foundation. RENEWAL & REFINANCE CALCULATOR It’s a difficult decision to make, but our Refinance Mortgage Calculator can make it easier for you. The calculator will show any savings you could have in your monthly payments if you choose to refinance. You can then compare these savings to the fees required for refinancing. Or get help from an expert. MORTGAGE AFFORDABILITY CALCULATOR To help answer this, our Mortgage Affordability Calculator is a great starting point. The calculator helps determine how much you can afford based on your yearly income—along with the income of anyone else purchasing a home with you and your monthly expenses. To get the most accurate result, make sure to indicate all of the figures for your WHAT COUNTS AS INCOME FOR YOUR MORTGAGE? Here are some of the most common types of income that you can use to qualify you for your mortgage, some of which may give you more buying power than you think. Salary. Having income from a long-term, salaried position is the easiest way to qualify for a mortgage. Your income can be proved easily through an employment letter and recent pay WHAT ARE TDS, GDS, AND LTV RATIOS? GDS: $2,060 / $5,417 = .38 x 100 = 38 per cent. TDS: $2,610 / $5,417 = .48 x 100 = 48 per cent. As you can see, Linda and Bill are below the GDS standard, but their TDS is a little bit higher than lenders like to see. Both of Ed’s ratios are too high according to industrystandards.
HOW TO AVOID PENALTIES FOR BREAKING YOUR MORTGAGE EARLY The average penalty Woodhouse sees is roughly 4.5% of the balance on a four-year fixed or longer fixed term, while the record was 7.7% with a major chartered bank on a “significant” mortgage. “We see absolute devastation when it is 5%-down buyers in a flat or declining market that also paid a 4.15% CMHC premium, and are paying realtor WHAT HAPPENS ON CLOSING DAY? As mentioned, there are many fees you may incur and have to pay on closing day. In this section, we lay out some of the fees you have to get your pocket ready for. Deposit. The deposit is a portion of the total home purchase price that has to come out of your pocket. Typically, the down payment has to be 5-20% of the total purchaseprice.
THE MAJORITY OF MONTREAL HOUSEHOLDS ARE RENTING The highest percentage of renters is concentrated in Côte-des-Neiges–Notre-Dame-de-Grâce, where 73% of households rent. In contrast, only 6% of households in the suburb of Kirkland on the Island of Montreal are renting. “Rent is highest in Outremont — $1,269. But Westmount homeowners spend the most on housing: $2,304,including mortgage
MORTGAGE BASICS: OPEN VS. CLOSED Although open mortgages have greater flexibility, they tend to have slightly higher interest rates than that of a closed mortgage. With these, the door is essentially open when it comes to making changes. Lenders offer lower interest rates for closed mortgages because they can make more money off of them than with open mortgages. THE DIFFERENCE BETWEEN POSTED INTEREST RATES AND For a five-year fixed rate mortgage, for example, some lenders use an interest rate differential (IRD) to calculate the penalty, which is expensive when based on a posted rate. Some monoline lenders, on the other hand, will only have a discounted interest rate, so then the IRD is a lot lower. Westlake agrees that this may be a reason why banks THE TRUTH ABOUT PROPERTY DISCLOSURE STATEMENTS The truth about property disclosure statements. By WM 30 Mar 2013. SHARE. Some of the surprises homebuyers across Canada have discovered in their property after closing that were not disclosed by the seller include foundation cracks, basement flooding, mould behind the walls, water in basement, cracks in foundation. RENEWAL & REFINANCE CALCULATOR It’s a difficult decision to make, but our Refinance Mortgage Calculator can make it easier for you. The calculator will show any savings you could have in your monthly payments if you choose to refinance. You can then compare these savings to the fees required for refinancing. Or get help from an expert. MORTGAGE AFFORDABILITY CALCULATOR To help answer this, our Mortgage Affordability Calculator is a great starting point. The calculator helps determine how much you can afford based on your yearly income—along with the income of anyone else purchasing a home with you and your monthly expenses. To get the most accurate result, make sure to indicate all of the figures for your WHAT COUNTS AS INCOME FOR YOUR MORTGAGE? Here are some of the most common types of income that you can use to qualify you for your mortgage, some of which may give you more buying power than you think. Salary. Having income from a long-term, salaried position is the easiest way to qualify for a mortgage. Your income can be proved easily through an employment letter and recent pay WHAT ARE TDS, GDS, AND LTV RATIOS? GDS: $2,060 / $5,417 = .38 x 100 = 38 per cent. TDS: $2,610 / $5,417 = .48 x 100 = 48 per cent. As you can see, Linda and Bill are below the GDS standard, but their TDS is a little bit higher than lenders like to see. Both of Ed’s ratios are too high according to industrystandards.
HOW TO AVOID PENALTIES FOR BREAKING YOUR MORTGAGE EARLY The average penalty Woodhouse sees is roughly 4.5% of the balance on a four-year fixed or longer fixed term, while the record was 7.7% with a major chartered bank on a “significant” mortgage. “We see absolute devastation when it is 5%-down buyers in a flat or declining market that also paid a 4.15% CMHC premium, and are paying realtor WHAT HAPPENS ON CLOSING DAY? As mentioned, there are many fees you may incur and have to pay on closing day. In this section, we lay out some of the fees you have to get your pocket ready for. Deposit. The deposit is a portion of the total home purchase price that has to come out of your pocket. Typically, the down payment has to be 5-20% of the total purchaseprice.
THE MAJORITY OF MONTREAL HOUSEHOLDS ARE RENTING The highest percentage of renters is concentrated in Côte-des-Neiges–Notre-Dame-de-Grâce, where 73% of households rent. In contrast, only 6% of households in the suburb of Kirkland on the Island of Montreal are renting. “Rent is highest in Outremont — $1,269. But Westmount homeowners spend the most on housing: $2,304,including mortgage
MORTGAGE BASICS: OPEN VS. CLOSED Although open mortgages have greater flexibility, they tend to have slightly higher interest rates than that of a closed mortgage. With these, the door is essentially open when it comes to making changes. Lenders offer lower interest rates for closed mortgages because they can make more money off of them than with open mortgages. THE DIFFERENCE BETWEEN POSTED INTEREST RATES AND For a five-year fixed rate mortgage, for example, some lenders use an interest rate differential (IRD) to calculate the penalty, which is expensive when based on a posted rate. Some monoline lenders, on the other hand, will only have a discounted interest rate, so then the IRD is a lot lower. Westlake agrees that this may be a reason why banks THE TRUTH ABOUT PROPERTY DISCLOSURE STATEMENTS The truth about property disclosure statements. By WM 30 Mar 2013. SHARE. Some of the surprises homebuyers across Canada have discovered in their property after closing that were not disclosed by the seller include foundation cracks, basement flooding, mould behind the walls, water in basement, cracks in foundation. MORTGAGES EXPLAINED: THE BASICS A mortgage is a home loan secured by real property, commonly referred to as real estate. In essence it is a contract that includes rights and obligations of both parties. The term actually comes from a French term meaning "Death Contract". Sounds kind of morbid doesn't it. 2. CONSTRUCTION MORTGAGES A construction mortgage is exactly what it sounds like: a mortgage that covers the cost of the construction of your home. As you might imagine, they differ from other types of mortgages in a number of ways. There are two types of mortgages that you can get when you are buying a home. The first is known as a completion mortgage, underwhich the
FIRST TIME HOME BUYERS PROPERTY GUIDE & TIPS Consumer confidence plummets amid COVID-19 outbreak. Canadians think now is a bad time to make a major purchase, study shows. 18 Mar 2020 WHAT ARE TDS, GDS, AND LTV RATIOS? GDS: $2,060 / $5,417 = .38 x 100 = 38 per cent. TDS: $2,610 / $5,417 = .48 x 100 = 48 per cent. As you can see, Linda and Bill are below the GDS standard, but their TDS is a little bit higher than lenders like to see. Both of Ed’s ratios are too high according to industrystandards.
CMHC FEES, CMHC INSURANCE CALCULATOR The insurance cost is included in your mortgage payments, but you should still know how much it costs. Our Mortgage CMHC Mortgage Insurance Calculator helps you determine the cost of your mortgage insurance. Enter your down payment amount and the length of time for your mortgage repayment to calculate the costs of your insurancepremium.
MORTGAGE BASICS: OPEN VS. CLOSED Although open mortgages have greater flexibility, they tend to have slightly higher interest rates than that of a closed mortgage. With these, the door is essentially open when it comes to making changes. Lenders offer lower interest rates for closed mortgages because they can make more money off of them than with open mortgages. SMART WAYS TO USE YOUR HOME EQUITY Here are some smart ways that you can use your home equity to improve your lot. Renovating is a popular, if not the most popular, reason why homeowners tap into their home equity. Of the $41 billion in equity taken out in 2016, it's estimated that $12.8 billion (31 per cent) would be used for renovation or home repair, according to the survey. ARE YOU OVEREXTENDING YOURSELF WITH TOO BIG OF A MORTGAGE Buying a home is a big deal, but going in unprepared can put you at a big risk of overextending yourself and getting too big of a mortgage. All else aside, the size of your mortgage and your bottom line should come first when it comes to buying a home. THE RETURN OF THE VENDOR TAKE-BACK MORTGAGE? The VTB has been flying under the radar in recent years because of lending conditions. “A vendor take-bank only works if you have a motivated seller. It’s supply and demand. So when there’s more buyers than sellers, or sellers than buyers, it’s gonna change the dynamic,” says mortgage broker Claire Drage. “Having said that,though
THE TRUTH ABOUT PROPERTY DISCLOSURE STATEMENTS The truth about property disclosure statements. By WM 30 Mar 2013. SHARE. Some of the surprises homebuyers across Canada have discovered in their property after closing that were not disclosed by the seller include foundation cracks, basement flooding, mould behind the walls, water in basement, cracks in foundation.Toggle navigation
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* External contributors Borrowing costs still higher despite drops The interest rates Canadians are currently paying are still higherthan five years ago
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COVID-19 TAKES TOLL ON BC HOUSEHOLDS' FINANCES30 Mar 2020
Half of all households in the province experienced income reduction due to the outbreak, study showsRead more
Refinance & Renew
DEFERRAL REQUESTS ARE RISING AMID COVID-1930 Mar 2020
Big banks are offering a repayment holiday for up to six months to struggling borrowersRead more
Refinance & Renew
BOC SLASHES RATE YET AGAIN27 Mar 2020
The BoC will also launch two programs to further stimulate the economy amid the COVID-19 outbreakRead more
Refinance & Renew
1 IN 3 WORRIED ABOUT MORTGAGE PAYMENTS27 Mar 2020
Canadians affected by layoffs and mass shutdowns worry the mostRead more
NOT SURE WHICH TYPE OF MORTGAGE BEST FITS YOUR NEEDS? LET _WHICH MORTGAGE_ HELP YOU FIND OUT! Ask an Expert for Free MORE MORTGAGE GUIDES 1 IN 5 ONTARIANS CASH-STRAPPED AS INCOMES SHRINK26 Mar 2020
Some households are already behind on bill paymentsRead more
LENDERS TO RECEIVE ADDED SUPPORT26 Mar 2020
This will help ensure continued lending to Canadian consumers andbusinesses
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CMHC ASSURES ASSISTANCE FOR BORROWERS AMID COVID-1925 Mar 2020
Lenders will prioritise struggling borrowersRead more
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NOT SURE WHICH TYPE OF MORTGAGE BEST FITS YOUR NEEDS? LET _WHICH MORTGAGE_ HELP YOU FIND OUT! Ask an Expert for FreeEXPERT ADVICE
SELF-EMPLOYED? WHAT YOU NEED TO KNOW TO GET A GREAT MORTGAGE10 Apr 2017
Mortgages for the self-employed can be tricky, but not impossible.Read more
DE-MYSTIFYING MORTGAGE PENALTIES24 Mar 2017
Know what mortgage penalties await if you break your mortgage.Read more
INVESTING IN THE ONTARIO REAL ESTATE MARKET28 Feb 2017
Ontario is still hot -- don't let the opportunity pass you by.Read more
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