Q: My friend just bought a rental property in Vancouver and she bought it with only five per cent down. How did she do that when CMHC changed the rules earlier requiring 20% down? A: Although CMHC will only finance a rental property with 20 per cent down, they’ll still finance a “second home” with as [...]
From now on you may want to reconsider paying $23.95 to Equifax for your credit score. You might be surprised to hear that what you get, may NOT be what you expect. You like me, probably believe that when you pay the additional $23.95 to Equifax, you’re getting the score that lenders rely on to [...]
Have you ever heard of the “Straw buyer” scheme? And it has nothing to do with farming.. It’s another term for mortgage fraud. The “straw” or “dummy” home buyer scheme. For example, a renter does not have good credit or maybe he/she doesn’t not have the income needed to get a mortgage, or sufficient down [...]
The kitchen is the heart of the home, and it’s the most highly valued room by buyers, so you want to make it show its best. Here are some tips to create a captivating kitchen: You can cut down on visual clutter by removing items you normally store on the counter. This will help your [...]
OUTSIDE: Trim all shrubs. Pull all weeds. Flowers planted. Leaves raked. Water lawn to keep green. Pick up and discard or store all implements, materials and debris that are not part of the lawn decor. All windows washed. Garage should be swept, neat and tidy. During the winter, all walks and drives should be shoveled [...]
Today, the Government announced three changes to the standards governing government-backed insured mortgages. aka – High Ratio Mortgages (Less than 20% down) 1) MAXIMUM AMORTIZATION PERIOD TO 30 YEARS The Amortization is the time it takes to pay off your entire mortgage. Not to be confused with the term of your mortgage. Typical mortgages in [...]
The amortization of a mortgage is divided up into smaller time periods called “terms”. Mortgage terms usually range from six months to five years, but some institutions will offer seven- or 10-year terms. The term is the period of time during which, with fixed-rate mortgages, the interest rate and payment amount are fixed. With variable-rate [...]
Bank of Canada says household debt and European crisis present the biggest risks to country’s financial stability. Risks to Canada’s financial stability have gone up over the past six months because of the possibility that the European debt crisis and “severe tensions” in global markets could threaten the worldwide recovery, the Bank of Canada said [...]
