It is not expected to have a big impact on the Ottawa real estate market, but it’s still good for buyers to be reminded of new federal rules on mortgage down payments that take effect Feb. 15 and will affect homes priced between $500,000 and $1 million.
If you are buying a home selling for between $500,000 and $1 million, you will have to pay a larger down payment to qualify for mortgage insurance than was required in the past. The new rules apply to new mortgage loan applications received on Feb. 15 or later. … (0 comments)
Do you, like many buyers, have a down payment of less than 10 per cent for a home in your price range? If you act soon, you could avoid the coming mortgage insurance hike that was announced recently by Canada Mortgage and Housing Corporation (CMHC). By acting before June 1, you could save $300 on a five-year mortgage term. Of course, $300 is not a reason to panic or rush into finding and buying a home if you don’t feel ready, but it’s always good for buyers to be aware of potential savings. In early April, CMHC announced … (1 comments)
New mortgage insurance rules
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