Mortgage Insurance

Mortgage Insurance

CMHC Mortgage default Insurance

No one wants to inflate a housing bubble by encouraging folks who can’t afford the debt to buy. But many creditworthy first-time homebuyers are paying much more than they should have to for a significant portion of their housing purchase. When it comes to mortgage default insurance, Canadians get little choice and sky high prices, [...]

By |2017-01-04T01:02:18+00:00November 25th, 2013|Economy|0 Comments

Canadian Mortgage Rules

Changing regulations in Canada’s mortgage market Since 2008, the federal government has made several changes to the rules for mortgages insured through the Canada Mortgage and Housing Corporation (CMHC) and other private sector mortgage insurance providers. These rules affect home buyers with less than a 20 per cent down payment and these changes will impact [...]

By |2017-01-04T01:02:19+00:00October 31st, 2013|Mortgage Tips|0 Comments

10 Closing costs when buying a home

1.    Land transfer tax When a home changes hands, many provinces and a few municipalities charge a property transfer tax or title transfer fee. Rates are usually on a scale of 0.5% to 2% of the home’s value and can add thousands to your purchase price. First-time homebuyers qualify for rebates or exemptions in some [...]

By |2017-01-04T01:02:27+00:00February 5th, 2013|Mortgage Tips|0 Comments

Flaherty moves to tighten CMHC supervision

Ottawa moved to bring the Canada Mortgage and Housing Corporation under the purview of the country's top financial regulator Thursday. Finance Minister Jim Flaherty outlined the proposed changes to Canada's national housing agency in a wide-ranging bill tabled in parliament on Thursday. The CMHC insures the vast majority of Canadian mortgages, as well as guaranteeing [...]

By |2017-01-04T01:02:29+00:00April 26th, 2012|Economy|0 Comments