Last week, The National Post reported on the Canadian Mortgage and Housing Corporation (CMHC) and their growing insurance load coverage. According to the story, the CMHC is edging closer to a $600-billion government-imposed limit on mortgage default insurance, backing nearly $541-billion in mortgages. If the demand grows for mortgage default insurance, the CMHC will need to request a limit extension – something that could create increased risk for taxpayers should the Canadian housing market collapse. Continue reading
Tag Archives: Mortgage Down Payments
How to Get a Mortgage When You’re Self-Employed
More and more Canadians are leaving the head office for a home office, quitting corporate jobs in order to start their own companies. In fact, statistics show that nearly 20% of all income earners in Canada are now self-employed. Which is fantastic… until you need to apply for an affordable mortgage rate. Securing a mortgage when you own your own company can be difficult, especially if your business is relatively new. Today, lenders want proof of a stable income before considering adding you to their accounts. Here are a few ways to ease the process and increase your chances of qualifying for the best mortgage rates. Continue reading
CAAMP Releases Highlights From Fall 2011 Consumer and Industry Surveys
The focus of these surveys was to gather Canadians’ opinions of the mortgage industry. The report includes specific questions on experiences with their mortgage professional as well as information and feedback from industry members.
The survey results were presented by Maritz Research at Mortgage Forum 2011 in Toronto.
Click here to review the entire report.
Your Down Payment Affects… Everything
It doesn’t matter how you approach the task of house hunting, eventually, you’ll end up taking a good, long look at your savings. Why? Because determining how much money you have available for a down payment on your home will affect just about every aspect of the home buying decision. From the housing type, to the mortgage rate, even how you word your purchase offer, all of these decisions come down to the amount of money in your bank account. Continue reading
Should You Use Your RRSP To Buy Your First Home?
Purchasing your first home can be tough, especially when it comes to scrounging up a sizable down payment. In Canada, you must be able to cough up a 20% down payment in order to avoid purchasing costly mortgage insurance. If you’re struggling to find enough cash to meet this requirement, don’t throw in the towel quite yet. Under the Home Buyers’ Plan (HBP), first time home buyers in Canada can borrow up to $25,000 tax free from their registered retirement savings plan (RRSP) in order to help with their down payment and lower their monthly mortgage requirements. Continue reading