Looking to get a mortgage – this is the best place to start! Read on for all of the resources you need to learn about mortgages.
Canada’s three major urban centres have experienced a downturn recently, with an increase in unsold inventory from this time in 2011. Is Canada’s reliance on credit to blame?
After the CMHC announcement hit headlines last week, a few lenders changed their guidelines for promotional rates offered. The lenders revealed that the promo rates are no longer offered for conventional mortgages anymore and they are only looking at high-ratio deals. CMHC claimed that their cap wouldn’t affect qualified home buyers nor would it affect the cost of buying a house. Ahemm… the last time I checked, putting LESS money down on a home to qualify for a lower promotional rate, increases the interest payments made over the life of your mortgage, thereby directly affecting the cost of buying a house!
This rate is worth it’s own blog post! Currently on RateSupermarket.ca you can get a 5 year fixed mortgage rate for only 2.99%. Yes you heard right, 2.99%! The offer is only available to Ontario residents and comes with a 21 day rate hold. It also allows for 20% annual lump sum payments and a 20% increase on your monthly payments – two features that allow you pay off your mortgage faster and save loads on interest.