Marie-France Lavigne and Michele Quinn – Dominion Lending Centres The Mortgage Source 10145 | mortgages
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mortgages

mortgages, Uncategorized / 10.01.2018

Every once in a while, a bank will advertise a cash back mortgage. It sounds great but there are a few things to consider. When you purchase a home, you may find that you need some extra cash. You may want to renovate, purchase some furniture, or start on building a fence or landscaping.. Fortunately, some Canadian lenders offer mortgages that give you a cash back rebate when you take out your mortgage. With a cash back mortgage, your lender advances you a cash lump sum when your mortgage closes. The most common sum you receive is 5% of your mortgage amount,...

financing tips, home purchase, mortgages, real estate, Uncategorized, Variable Rate Mortgages / 08.01.2018

So here we are in the lead-up to the January 1 implementation of the new OSFI B-20 regulations requiring that uninsured borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate at federally regulated financial institutions. It is no surprise that home sales rose in advance of the new ruling. Even so, activity remains below peak levels earlier this year and prices continue to fall in the Greater Toronto Area (GTA) for the seventh consecutive month. In a speech this week, Governor Poloz of the Bank of Canada confirmed his continued concern about household indebtedness. Indeed, data...

home purchase, mortgages, real estate, Uncategorized / 04.01.2018

Statistics Canada in conjunction with Canada Mortgage and Housing Corporation (CMHC) released their first report this morning from the Canadian Housing Statistics Program (CHSP), providing data regarding the non-resident ownership of Canadian housing. This program was mandated by the last federal budget, filling in a significant data gap in housing statistics. For years, many have speculated that foreigners were the major culprits driving housing prices into nosebleed regions in Vancouver and Toronto. Today’s release shows that non-residents own less than five percent of housing in both cities. Immigration remains a significant driver of housing activity in Canada. Canada has the most...

home purchase, mortgages / 16.12.2017

Mortgage brokers have become an integral part of Canada’s financial landscape. Rather than deal directly with banks, about 30 per cent of Canadians turn to independent brokers to help them secure the best terms for their loan. But as residential real estate markets continue to power ahead at a time of economic uncertainty, government regulators have started to tap the brakes. And it’s understandable that many mortgage brokers are getting edgy about what lies ahead. Consider. Lending rules for homes worth more than $500,000 have been toughened, lowering the amortization period to 25 years for high-ratio insured mortgages and tightening processes for mortgage...

mortgages / 28.11.2017

Additional Financing with a “Blend and Extend” Mortgage Prepayment Privileges You need additional financing. Do you prepay your existing loan? We remind readers that commercial mortgage borrowers do not enjoy the privileges afforded personal borrowers. Section 10 of the Interest Act, allowing borrowers to repay loans after 5 years, with a 3 month interest penalty, does not apply. In fact, for the most part, commercial mortgage borrowers who’ve secured fixed rate mortgages, do not enjoy any prepayment privileges. Commercial mortgages are typically closed for repayment for the duration of the term. Mortgage Term Selection Important considerations include what your investment strategy is. If you are...

home purchase, mortgages / 31.03.2017

There are 9 million Millennials in Canada, representing more than 25 percent of the population. Born between 1980 and 1999, the eldest are in the early stages of their careers, forming households and buying their first homes. Buying a home is a daunting process for anyone, but especially so for the first-time home buyer. This is the largest and most important financial decision you will ever make and it should be done with the appropriate investment in time and energy. Making the effort to be financially literate will save you thousands of dollars and assure you make the right decisions...