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mortgage rules: Will the tighter mortgage rules lead to excessive cheating? - 03/31/10 11:05 PM
In response to the recent Financial Post article (link below), do you feel like the tighter mortgage rules will show a great deal more cheating?
I'm torn because I know that a 20% downpayment from an investor is difficult, though not "impossible" as this article states, to find for some investors. But I have to wonder if it is not exactly what we need to protect the market from people who really shouldn't be investing in some cases. Speaking from personal experience, it takes a good deal of credit and/or liquid assets to manage a property properly and not be hanging … (2 comments)

mortgage rules: New Mortgage Rules Leave Homebuyers Confused: Insured buyers must show 'ability to pay' - 03/18/10 09:49 AM
 

Frank and Susan Williams bought a house near Hamilton, Ont., this month, they followed a time-honoured tradition of using leveraged financing.
With mortgage insurance they only had to put down 5% of the $270,000 purchase price. They went with a closed variable rate at 2.25% and amortized the loan over 35 years. The deal was initiated with a mortgage broker, with Bank of Nova Scotia providing the financing.
"It's a three-bedroom bungalow. That was attractive to us. We have a dog and we like to do things in the backyard. We did not have the type of money we … (0 comments)

mortgage rules: Canadian Mortgage Rates Expected to Rise 2-3% Over Next Two Years - 03/12/10 02:43 AM
I heard an interesting fact today about the financial state of first time homebuyers: According to reports, 75% of 18-34 year old first time homebuyers would be in trouble if their paycheck was delayed one week.
That's huge. Mortgages are expected to rise up to 3 percent over the next two years. Will we be faced with an influx of foreclosures when mortgage rates rebound?
I certainly hope not and there are changes currently being introduced to avoid such an issue. One such change is documented in a recent news article:
"Mortgage loans will be income-tested against the five-year posted interest rate, as opposed … (0 comments)

mortgage rules: Choose mortgage words carefully - 03/10/10 09:13 AM
Many consumers fail to understand meaning of terms
By GARRY MARR, Financial PostMarch 10, 2010    
When it comes to your mortgage contract, watch your language.
Most consumers only look at their mortgage contract -- one of the most important documents they will ever sign -- just before they are about to close on a house, says Toronto real-estate lawyer Steve Brett.
"It's very rare they come to me [first].
In residential transactions, they usually strike the deal first," he says. "The mortgage commitment comes shortly prior to closing. I'll talk to people over the phone and they'll say, … (2 comments)

mortgage rules: Canada due for "boring is beautiful" budget - 03/02/10 09:51 AM
This year's budget is not expected to be overly exciting and that seems to be a good thing for the current economic state. With all the major changes to the market, including changes to the Mortgage rules, being released ahead of time; or as this article states, "Finance Minister Jim Flaherty and his officials have spent weeks diligently stealing their own thunder"; the resulting budget should surprise few of us.
The expected result is that Canada will fare far better than all other G7 nations, forecasting the lowest GDP deficit.
Link below for more details:
http://www.reuters.com/article/idUSN2611003320100301?type=usDollarRpt
 
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Gina Burgio

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