Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts I have in the area or help you in any other way I can to secure the best possible rate for your home purchase.

 

The Department of Finance has made the following announcements coming into effect April 19, 2010.

 

Refer to the link below, and for more information open the "backgrounder" link.

 

Shortened version is this:

1. Homeowners will now need to qualify for their new mortgage at a 5 yr rate. The government wants to make sure new homeowners have tha ability to support their mortgage payments at a higher interest rate in the future. Currently we qualify clients on the 3yr rate which is lower that the 5yr rates.

2. A minimum of 20% down will soon be required for non-owner occupied properties. Currently they only need 5% down so this will definately hit those buyers who like to purchase rental properties and flip. If the owner will reside in one of the units of a 1-4 unit property then they will still qualify at the 5% down payment.

3. The new maximum refinance amount that lenders will be able to lend at will be decreased from 95% to 90% loan to value.

The message is ready to be sent with the following file or link attachments:

Shortcut to: http://www.fin.gc.ca/n10/10-011-eng.asp

 

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution, taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.