New Mortgage Rules In The News – Many Unaffected
New mortgage rules in affect (Vancouver, BC) – Not everyone affected If you have been watching the news recently in Vancouver, BC you may have the impression that the new mortgage rules will significantly, negatively impact everyone. This is not the case. Definitely some people, in some situations, will be impacted, however, there are many [...]
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 [...]
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 [...]
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. Link: New mortgage rules for investment properties Link: New mortgage rules for self employed individuals By or before April 19, 2010, when qualifying for an insured (e.g. CMHC) mortgage and determining how much you can be [...]
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, [...]