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 [...]
Today is day one of the government’s new mortgage rules. Here’s a quick video rundown on qualifying rate…. QUALIFICATION RATE The biggest rule change affects borrowers who put down less than 20% and want a variable or 1- to 4-year fixed term. Yesterday, you might have qualified for a high-ratio $250,000 variable-rate mortgage with a [...]
