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Click on link for quick reference. We are still waiting on a number of mortgage lenders to jump on board but would expect all to do soon. It is not as amazing program and will be limited mainly to buyers under the $500,000 property value range so not much use to buyers in Toronto. Main points to take away are you have to put down at least 5%, CMHC will then match this, the loan has to be registered behind the first at the buyers expense, the loan has to be paid back within 25 years or when the home is sold, CMHC will partake in any profits on the home, you are limited to 4 times income with maximum combined income of $120,000.00, so for someone with 5% down and making $120,000.00 that would put a purchase price in the low 500s. Read more Read more .. ps://www.canadianmortgagetrends.com/2019/09/first-time-home-buyer-incentive-now-available/

Read more https://renx.ca/what-toronto-condominium-market-look-like-next-five-years/

Its been proven that consolidating your debts into your mortgage can put you much further ahead.  If you have a lot of high debt payments that just don’t seem to go away and you have the equity in your home, by putting all your debts together under one payment can save you a lot of money.  The strategy is to try to keep your mortgage amortization the same.  By doing this you still get to pay down your mortgage on your current schedule.  Also, by freeing up more cash flow each month (no more debt payments), if you put some of that cash savings back into your mortgage by increasing your mortgage payment you can pay down your mortgage even sooner.  It works.  Refinance rates now as low as 2.79% with Free legal and appraisal.

It does not look like the housing bubble will pop at any time Read On ….

Banks and other Mortgage lenders reduced their mortgage qualifying rate last week from 5.34% to 5.19%. The main reason for this was to stay within the 2% range which is now added to the average discount rate for qualifying mortgage borrowers. A conventional mortgage fixed rate is now averaging 3.19% and the High Ratio mortgage (CMHC Insured) fixed rate is averaging 2.79%. At 5.19% the qualifying rate stays roughly at 2% above the average discount rate to stay in line with the new mortgage qualifying rules. Does this make much of a difference to a borrower? Roughly $8000.00 in extra borrowing power.

Mortgage Renewal and Options

Renewing your mortgage can be very straight forward especially if you just stick with your existing lender.  If you are not adding on any extra money or a secured/Home line of credit to your mortgage (this is a refinances) a straightforward renewal involves signing your renewal papers and that is it.  The downside however or challenge with renewing with your existing lender is that they do not always offer you their best terms.  You are there client already so why bother?  Switching your mortgage to a New Lender on a renewal requires a bit more paperwork, typically an update of income, credit and signing new loan papers however there are no appraisal or legal costs involved so very straight forward.  For an extra 45 minutes work you could save yourself thousands of dollars by looking at other options.  Speak with your Mortgage Broker and have them to the research.  It is always good to start the research 4 to 5 months out from the renewal date because most lenders can lock in your rate 120 days before closing.

Robert Clancy

Residential and Commercial Mortgage Agent

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SAFEBRIDGE Financial GroupBroker License #10524

Direct Line | 416-899-1467

Fax | 1866 385-4049

Facebook: https://www.facebook.com/bestratesmortgages/

E-mail | robert@safebridgefinancial.com

Website|www.bestratesmortgages.ca  

What is a mortgage refinance?. This is an existing property owner who has a mortgage and wants to increase that mortgage loan amount or owns a home with no mortgage and wants to put one on there. The new funds can be used for so many purposes. Borrowers can use for a down payment on a new property purchase. Borrowers can use to consolidate debts into a lower rate mortgage therefore increasing their cash flow and paying down their debts more efficiently. Borrowers can use to renovate their home or even help a child pay for Tuition. Their are many ways to tap into the equity in your home through a mortgage refinance.