canada: 100% financing? Not anymore.
- 07/30/08 03:06 AM
On July 9, the Department of Finance announced that it will no longer offer 100% financing or 40 year amortizations. You will however be able to obtain mortgage loan insurance for amortizations of up to 35 years and up to 95% of the value of the property. So, if you were thinking of 100% financing or a 40 year amortization, you may have to take another look at your options. October 15, 2008 is when these changes are to take effect. … (0 comments)
canada: Get out your ID if you’re thinking of buying
- 07/28/08 03:25 AM
Until recently, as of June 23 2008, real estate agents are now required to ask clients for identification. Following the attack on the World Trade Centre, the Government of Canada introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) late in 2001. This legislation introduced new regulations that required targeted "high-risk" industries, including real estate, to implement client identification and record keeping requirements. The new requirements that agents must comply with are: record all funds received (unless funds are received from a financial entity or public body), and verify and record the identification of clients with respect to … (0 comments)
On July 9, the Department of Finance announced that it will no longer offer 100% financing or 40 year amortizations. You will however be able to obtain mortgage loan insurance for amortizations of up to 35 years and up to 95% of the value of the property. So, if you were thinking of 100% financing or a 40 year amortization, you may have to take another look at your options. October 15, 2008 is when these changes are to take effect.;)
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