Our various lending institutions, credit unions, banks and mortgage insurers are stepping up to lend their support to Homeowners affected by this crisis and who experience sudden financial setbacks which might temporarily impact their ability to meet their mortgage obligations.
Read MoreWhat does this mean for our variable rate loving clients?
Although The Bank of Canada reduced their overnight rate for the second time within a 10 day period, the individual banks have not yet followed with the second drop - however it’s not to say this won’t happen anytime. Don’t be fooled though - that certainly doesn’t mean the variable terms are not good options. Bank Prime is presently 3.45%.
Read MoreEffective April 6, 2020, the stress test qualifying guidelines are changing and there will be a new benchmark rate for qualifying insured mortgages.
As it stands today, this would give a discount of approximately 0.50% on the qualifying rates.
This will mean some positive changes with qualifying a buyer for a higher purchase price.
Read MorePurchase Plus Improvements Mortgage - Buy Now with a Renovation Allowance!
Don’t shy away from that fixer-upper…
A Purchase Plus Improvements Mortgage, allows qualified purchasers to buy a home or condo and
include a Renovation Allowance, even with as little as 5% down.
What does this mean?
Interest rate is dependent on down payment, credit score, amortization, closing date and lender.
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