The OFSI (Office of the Superintendent of Financial Institutions – crazy-long name, eh?) is thinking about continuing to tighten the mortgage rules in this country. Last year the reduced the maximum amortization of insured mortgages from 30 to 25 years (which had previously been reduced from 40 to 35, then from 35 to 30). Now… Continue reading More Mortgage Changes Coming?
Tag: mortgage insurance
Mortgage Insurance vs. Life Insurance
While most mortgage brokers don’t deal directly with insurance, we are required to offer mortgage insurance to our clients when putting together mortgage financing. Here’s a quick look at the differences between the two options. If you have any questions about mortgage insurance versus life insurance, ask your mortgage broker and we can usually point… Continue reading Mortgage Insurance vs. Life Insurance
Can You Afford to Buy a Home?
Article courtesy of Genworth Canada. The first thing any prospective homebuyer needs to do is determine whether they can afford to buy the home they want. Many people believe they have to save a large down payment. Thanks to mortgage insurance, there are various programs that enable homeownership with little or no down payment at… Continue reading Can You Afford to Buy a Home?
10 Closing Costs When Buying a Home
Article courtesy of Genworth Canada. Land transfer tax. When a home changes hands, many provinces and a few municipalities charge a property transfer tax or title transfer fee. Rates are usually on a scale of 0.5% to 2% of the home’s value and can add thousands to your purchase price. First-time homebuyers qualify for rebates… Continue reading 10 Closing Costs When Buying a Home