First Time Buyers – Verifying Your Down Payment

Verifying The Down Payment The down payment on a home, especially for first time home buyers, is an important part of obtaining a mortgage. From the buyer’s perspective, understanding what documentation the lender needs is essential. To qualify for the mortgage, the lender will want to verify the down payment amount and where the money […]

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Government to lower amortization, LTV on refis … again

The reprieve Canadian brokers thought they had is no longer, with the Finance head confirming he will now lower the maximum amortization on an insured mortgage to 25 years and cap refinances at 80 per cent of a home’s value. But there’s more, Jim Flaherty said at a press conference in Ottawa Thursday: His government […]

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Smaller down payment better rates?

It doesn’t make much sense, but a skimpy down payment on a home might actually get you a better mortgage rate in today’s market. Blame the government subsidy known as mortgage default insurance, which ultimately makes it less risky to lend money to someone who has only 5% down compared to someone with 20%. Consumers […]

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Choosing the right mortgage

New tack stresses sense, not cents Ray Turchansky, Canwest News Service Published: Monday, March 30, 2009 FP Mortgages-Special Report Traditionally, the most important consideration in choosing a fixed or variable mortgage has been which strategy would save the most money. But that might no longer be the case: Choosing a type of mortgage and term […]

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Canadian Banks Hold Strong

  Canada’s banks climb in rankings as U.S. giants stumble Sean B. Pasternak and Doug Alexander, Bloomberg Published: Monday, March 16, 2009 Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and Bank of Montreal pushed deeper into the ranks of North America’s 10 biggest banks after U.S. counterparts stumbled or disappeared in the […]

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Economic Update – Housing Market Stronger Than in USA

Canadian homebuilders deny market headed for meltdown • TSX +51.40pts (Reuters) for a 5th straight session, supported by rising energy shares, which climbed along with oil prices, and by a rally in financials. • DOW -81.80pts stocks fell on all 3 main indices as investors took some profits following four days of positive gains. • […]

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Know Your Closing Costs

There are some basic costs to the buyer with any mortgages in Canada * Legal costs to transfer title and register the mortgage (typically $900-$1000). It can be slightly higher for a condominium due to the strata requirements *Appraisal on the new home to determine the loan to value for the mortgage lender (typically $250-$350). […]

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