The purposeof using a benchmark rate when qualifying for a mortgage is to ensure that one can still manage their mortgage payments if interest rates were to increase.
This Qualifying Benchmark Rate for insured mortgages has decreased from 4.94% to 4.79% effective August 17, 2020.
Mortgage Payments are often the most obvious thing we think about when looking for a house. But you may also want to consider the following when deciding on a home.
Down Payment
When putting less than a 20% down payment you will have to pay Default Mortgage Insurance which protects the bank....
Obtaining mortgage insurance for a home purchase is about to become more challenging on July 1, particularly for first-time buyers.
The Canada Mortgage and Housing Corporation (CMHC), Canada’s national mortgage insurance provider, unveiled stricter underwriting policies on Thursday for insur...
Bank of Canada has decreased their overnight rate by 0.50%, bringing it to 0.75%, effective Monday, March 16, 2020. Which for most lenders will likely decrease their Prime rate to 2.95% from the previous 3.45%.
This change will have an impact on those with a Variable Rate Mortgage or Home Eq...
Bank of Canada has decreased their overnight rate by 0.50%, bringing it to 1.25%. Which for most lenders will likely decrease their Prime rate to 3.45% from the previous 3.95%.
This change will have an impact on those with a Variable Rate Mortgage or Home Equity Line of Credit. It will...
The purposeof using a benchmark rate when qualifying for a mortgage is to ensure that one can still manage their mortgage payments if interest rates were to increase.
This Qualifying Benchmark Rate for insured mortgages has decreased from 5.19% to 4.89% effective April 6, 2020 and will fluc...
You're buying a house but you don't have a 20% down payment? RELAX - Neither does anybody else!
This is a lot of money and is not a viable option for many Canadians. Luckily there is something called Canadian Mortgage Default Insurance which al...
CMHC will provide an extra 5% of your down payment for the purchase of existing homes, or 10% for the purchase of a new build. This will be an interest and payment free loan that will be registered against the title of your home. The program was star...
The purposeof using a benchmark rate when qualifying for a mortgage is to ensure that one can still manage their mortgage payments if interest rates were to increase.
This Qualifying Benchmark Rate has decreased from 5.34% to 5.19%
Benchmark rates, in the long run, will help to create stabil...
