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Changes to the Mortgage's in Canada

By
Real Estate Sales Representative with Royal Pro Real Estate Network

There were new changes set forth this week for Mortgage's in Canada. No longer can you have a 40 year Amortization. Now the maximum is a 35 year mortgage with a minimum of 5% down of the purchase price. The first time buyer's in the past who took advantage of the Zero Down Mortgage's were lucky! At the time 75-85% of new Buyer's chose this product when they purchased their home. I know I did several transactions where my clients did this. So, save up that down payment for your purchase! You do have until October till this takes effect too!

Comments(7)

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Dwayne West
Atlanta Real Estate - Canton, GA
Canton Georgia Real Estate

Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.

Jul 17, 2008 01:44 AM
Anonymous
Sheri Brown
Thanks Dwayne! I look forward to learning more about this great industry!
Jul 17, 2008 05:23 AM
#2
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

Jul 17, 2008 08:04 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Sheri,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Jul 17, 2008 04:43 PM
Neal Barnes
Starstate Realty - Killeen, TX
Broker, REALTOR, ABR, CRS, GRI, SRES, SRS.
Hi Sheri - Welcome to ActiveRain. I look forward to networking with you and reading your future post. Have a great day!!!
Dec 14, 2008 06:06 PM
Matt Horton
Platinum Living Realty - Scottsdale, AZ
North Scottsdale Real Estate
With the Canadian Dollar Rising today, now might be a great time for those looking to invest in Arizona, specifically North Scottsdale. I am looking for individuals or small groups of friends and larger investment groups or clubs looking to secure great long term investments in Arizona. I work with a lot of Canadians and looking to branch out to more! If you or someone you know is interested, please have them contact me! It's worth a quick forward of info as I might be the perfect person to talk with! Matt Horton John Hall & Associates 480-227-3311 info@thehortonteam.com Canadians in Arizona Canadians Buying Real Estate in Arizona Looking for a smoking deal, Foreclosure, Bank-Owned, short sale? FREE list of all homes directly to your email! CLICK HERE.... or fill out the form at the bottom of this page Why am I dedicating this page to Canadians looking for Real Estate in Scottsdale? Canadians buying in Arizona made up 60% of my business in '08! I know we are donig a great job for our Northern neighbors beceause our clients have referred us to MANY other Canadians buying Primary, Investment and Vacation/2nd homes in Scottsdale, Phoenix and surrounding areas. I have dedicated my time and energy to become a specialist in helping Canadians buy their perfect home here in AZ. I take yearly golf trips to Canada with clients & friends. (Kimberly, BC, Radium) and just booked June 9-15th and plan on meeting clients and prospective clients for a few hours in Calgary June 10th! If you would like to join me, please let me know!!!! I have created some important information for Canadians looking to buy in Arizona...For Free. I hope you use this information whether you use me or not. Obviously, I would appreciate the opportunity to help you or a group of people invest here. This is truly the greatest time to purchase in Arizona. As our city grows to over 10 million in just under 35 years, supply and demand simply dictates prices will increase and a full recovery is eminent....it's just a matter of time. So read on and take advantage of this useful information! Steps for Canadians buying Real Estate in Arizona: 1. Determine what type of property you want- Do you want a turn key condo? A maintenance-free home? Considered loft/urban living? Many people change their mind, so think about your ideal place. It's ok not to know exactly...That is what I am here for! 2. GET A TAX ID OR SSN- If you read just one thing, this is the one to read! If you are Canadian moving to Arizona and DON'T have a TAX ID/SSN and have to sell, you will surrender 10% of your PURCHASE PRICE (Not Gain) to the US Government! It's actually very easy to set up and the first thing you should do is go to http://www.irs.gov/pub/irs-pdf/fw9.pdf Consult your tax attorney/CPA also! I'll go more into that later.... 3. Criteria- Really think about this because you will have more people visiting you than you think! Everyone will want to use your place! Family? Friends? Think about bedrooms/baths size, levels, proximity to golf/airport/restaurants and of course price. (if you are unfamiliar with the area, call me and I'll send you a map, talk about locations, etc.) 3. Who's Buying? Determine if you are buying alone or going in with others. I have many clients that have combined their investment to capitalize on the best home with the largest discounts and greatest possible ROI. 4. Financing-Most of my clients are cash buyers or financing in Canada. I know most of you have huge equity in your homes since your market has gone up recently. Be smart about it and if makes, sense do it. I do have lenders here that are specialists in Foreign National programs. 5. Get listings sent to your email- The only way to really understand the market is to receive listings that match your criteria. The best way is to actually visit! Plan a trip. Many of you are coming down anyway, so wrap some searching into it. Step 6-12- Fill out the form and we can go through the rest. I am not trying to"trick" you into filling out the form. If you don't want to...don't. I don't like to be sold or have some pushy person hound me. I'm here to help you make an investment. The truth is that I am a busy. I don't have the time or inclination to chase business by hounding someone. Those who work with me receive the best service, communication, and experience! Those who don't want the very best.... that's ok too. All I ask is that you understand a simple fact. Every single Canadian client has referred me at least 1 friend/family/business associate. There is a reason. It's because I am laid-back but professional. Easy to talk to but stern in my negotiations. Bottom line is that I know my business and it's taken years and years to develop; I am not bragging but very proud because it separates me from other Realtors. So, fill out the form. I'll set you up on a free search and you'll get them automatically sent to your email. Is that as fair and honest? If so, get started! Matt Horton 480-227-3311
Jul 21, 2009 06:23 AM