Do mortgages exist that have no penalty but a guaranteed rate. The short answer is yes, but the reality is that they are not a product you want. This video blog goes into this type of mortgage and answers the question for Canadians: “Can you have your cake and eat it too in the mortgage
Today was another big day in the mortgage business. The finance minister announced some large changes to mortgages in Canada. A quick summary of those changes is as follows: 1. Non-owner-occupied properties must have a 20% down payment 2. Maximum financing on a refinance is 90% (instead of 95%) 3. Variable rate mortgage qualifications have
This morning Canada’s Finance Minister Jim flaherty tightened the rules and guidelines for Canadians when qualifying for a mortgage. Under the new rules, starting April 19th, 2010 buyers will have to meet qualification standards for a 5 year term regardless of whether they take a shorter term or variable rate with a lower interest rate.
