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Tag Archives: mortgage term
For the past few years, we’ve all been talking about the changes to amortization periods and how that affects housing affordability. Now, CMHC has issued new guidelines for calculating debt service ratios. Stricter Debt Ratio Standards on the Way.
Historically, Bond Rates and Fixed Mortgage Rates have fluctuated in relation to each other.Canada’s Bond Rates have climbed in the past few days. As a result, some lenders are increasing their interest rates. Interest Rates are still at a historical … Continue reading
Here we go again. Just as we’re setting into our spring market, an announcement from the Office of the Superintendent of Financial Institutions Canada, verifies that they may be looking at changes to amortization rules yet again, tightening the rules … Continue reading
Here’s a list of 10 questions that The Globe and Mail assembled to help you understand the nuances of Payout Penalties. BMO’s Mortgage Prepayment Calculator. ING’s Mortgage Prepayment Calculator. CIBC’s Mortgage Prepayment Calculator. HSBC’s Mortgage Prepayment Information page. National Bank … Continue reading
Since 2008 the Canadian Finance Ministry has tightened up the rules for government-backed mortgages 4 times. The most recent change in July 2012 hurt Canadian first-time home buyers the most because it made it harder to qualify for financing. Use … Continue reading
With the drastic changes caused by our new mortgage rules, some lenders are offering deeply discounted rates, such as this New 5 Year Fixed Rate Being Offered for 2.99%.
“Good” credit and “excellent” credit generally get you about the same mortgage rate, until now.
Taking effect July 9, 2012, we Canadians will experience the 4th round of amortization rules in as many years.