canada: More mortgage rule changes for Canadians 2011 - 01/17/11 06:05 AM
Mortgage rule changes coming March 18th 2011.
Max amortization on government insurance (CMHC) backed mortgages (CMHC deals) = 30 yrs Max Loan To Value on refinance = 85% No government insurance backing (CMHC insurance) on secured credit lines 5% down remains the minimum downpayment (unchanged - this was rumoured to be going up to 6-7%) How does this affect your Buyers? Example below: 
Buyer earning $72,000 can qualify for a mortgage of approx $508,000 under the current rules and interest rates...under the NEW rules with a maximum 30 year amortization, that same person now qualifies for $470,000 which is a reduction … (1 comments)

canada: Tax Deductible Mortgages Canadians - Vancouver, BC - 01/13/10 05:02 PM
For years Americans have enjoyed the benefits of being able to deduct the interest paid on their residential mortgage and save on income tax. Some people may say that this benefit is partly why Americans have encountered so much housing trouble as this concept encourages you to keep a high mortgage balance...after all the interest on the mortgage is tax deductible, so why not? Luckily or not, in Canada, we are more conservative. While we don't have all the same benefits in Canada, there is a way to build your net worth and benefit from some legal tax deductions. Fraser Smith … (3 comments)

Ralna Burridge (The Mortgage Centre)

Ralna Burridge

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