Mortgage Changes Part 3 – Self Employed
Changes to self employed mortgage programs
This set of changes will happen slightly earlier than the other 2, by or before April 9, 2010.
Here is a summary of the changes and impact to self employed individuals and their insured mortgage program:
New minimum down payment, increased to 10% of the purchase price
New maximum refinance, reduced to 85% [...]
Mortgage Changes Part 2 – Rental properties and Rental income
New mortgage rules for investment properties and rental income.
By or before April 19, 2010, there will be changes to how non-owner occupied properties (i.e. rental and investment properties) are handled with respect to mortgage insurance (e.g CMHC, Genworth, AIG). These changes will affect people who are looking to both purchase a non-owner occupied property as [...]
Mortgage Changes Part 1 – Qualifying Rate
New rate to be used when qualifying for a mortgage. Could reduce how much you can be approved for.
By or before April 19, 2010, when qualifying for an insured (e.g. CMHC) mortgage and determining how much you can be approved to borrow, a different rate may be used for this process.
Here is a summary of [...]
Home Renovation Tax Credit (HRTC) Program- Canceled
Home Renovation Tax Credit (HRTC) Program Canceled
Announced yesterday as part of the Federal budget was that the Home Renovation Tax Credit (HRTC) program will not be continued this year (2010) after its introduction in 2009. The program was too popular and is not something that they could sustain moving forward.
This is unfortunate, however, than [...]
Bank Prime, Variable Rate Mortgages – No Change, but …
Bank Of Canada Meeting – Bank Prime Variable Rate Mortgages, No Change Yet – But Coming Soon
Yesterday the Bank of Canada met and decided to leave their rate unchanged at its historic low level. They reiterated their plan to start raising rates by or before the end of the second quarter of 2010, conditional on [...]