Changes To Mortgage Qualification – New Rules
New Rules for Mortgage Qualification
Announced today, effective April 19, 2010, or sooner, there will be three (3) new rules that will apply to the qualification for government backed, insured mortgages (i.e. CMHC, high ratio insured mortgages). The changes are:
Minimum down payment for non-owner occupied properties will be increased to 20% of the purchase price (currently [...]
Vancouver condo pre-sale purchases – Get mortgage early
This is a note to those who have entered into contracts to purchase pre-sale properties and are going ahead with them vs. walking away from deposit and hoping not to be chased by the developer.
It is strongly recommended to start the financing process early, before a closing date has been communicated to buyers in that [...]
2009, the year to renovate
Announced yesterday as part of the budget was a home renovation tax credit (HRTC), a 15% tax credit on eligible home renovation expenses. Expenses have to be greater than $1,000 but not exceed $10,000 so the maximum tax credit one could receive is $1,350. Qualifying expenses include those used to renovate a kitchen, bathroom, basement, [...]