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Tag: Mortgage Lending

Canadian New Mortgage Amortization and Refinance Rules Effective July 9, 2012

New Changes to Canadian Mortgage Rules Effective July 9, 2012In reference to the increased debt burden of Canadian family, Canadian government has been taking various measures to stop further increase and reduce the recent debt load as it was experienced high as 152 per cent debt-to-income ratio in February, 2012. Real estate is one of the major areas where it should require a great concern of a government to take efforts to safeguard home financing and interests of home buyers / owners. The federal government is once again going to tighten mortgage-lending rules to soften down the overheated housing market and increased household debt crisis. Mr Jim Flaherty, Minister of Finance, announced new mortgage amortization and refinance rules, according to him these further adjustments to the rules for government-backed insured mortgages will bring down the overextended pressure of households and will help in making the housing market strong in Canada.

Here are the new changes which were announced by the Federal Government for insured mortgages type. These new rules will be effective from July 9th, 2012 are:

  1. The maximum amortization is reduced from 30 years to 25 years. This amortization period reduction will help Canadian families in reducing their total interest payments towards their mortgages, which also means faster build up equity on homes and paying off mortgages. It’s the third time the Harper government has reduced the maximum amortization period in the last four years to make it easier for Canadians to buy homes.
  2. Availability of government-backed insured mortgages to homes is limited by its price; properties purchased for over $1 million are not eligible for mortgage insurance.
  3. Reduce the maximum loan to value ratio on refinances to 80 per cent from 85 per cent. It means now the maximum equity homeowners can take out of their existing home when refinancing is 80% of the value. It’ll promote saving via home ownership and also encourage homeowners to manage borrowings through their homes.
  4. Maximum gross debt service ratio has been fixed at 39 per cent and total debt service ratio at 44 per cent. This will result in better protection to Canadian households in case of an increase in interest rates or sudden economic problem.

In the words of Minister Flaherty, “Our Government stands behind the efforts of hard-working Canadian families to save by investing in their homes and their future”. These adjustments will help Canadian people in realizing their goals, making it easy to purchase homes beside will help in reducing the threat of debt to personal disposable income ratios reaching up to the toxic 160 mark, the rate that caused a major downturn in economies of America and Great Britain. For more detailed information on the update, please visit www.fin.gc.ca


Canadian Government Announced New Mortgage Rules For 2011

Finance Minister Jim Flaherty Announced New Mortgage Rules For 2011Federal government tightens mortgage rules 2011 are seem to be like it been cracking down on Canadians’ ability to qualify for a mortgage, although on one side these changes will help hard-working Canadian families to save by investing in their homes and future but on the other hand Canadian government is shifting its insuring behavior entirely on lenders because risk of these loans will now be on the financial institutions that lend the money. Will these recent changes will slow down Canadian housing market 2011 while making it harder to buy a new home or consolidate debt into your mortgage?

On Monday, January 17th 2011, Finance Minister Jim Flaherty along with Natural Resources Minister Christian Paradis announced new mortgage rules while implementing 3 main changes with an intention to alleviate concerns over consumer debt, to help combat increasing household debt and to add further stability to the Canadian housing market.

According to Mr. Flaherty’s recorded announcement that you can also watch his live speech at a “live televised announcement”, here’s are some words specially elaborated for my blog readers, he said: “Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and help protect us from the worst of the global recession. Canada has a prudent mortgage market and responsible lending practices…, our governments ongoing monitoring and sound supervisory regime along with the traditionally cautiously prudent approach taken by Canadian financial institutions to mortgage lending has allowed Canada to maintain strong and secure housing and mortgage markets. This has also allowed Canada to avoid housing bubbles witnessed elsewhere.

The following additional measures were highlighted as the new Canadian mortgage rules specially amended for Canadian families to safeguard their future investment and household debt.

New Canadian Mortgage Rules Announced For 2011:

  1. The maximum amortization period for less than 20 percent down payments is reduced to 30 years from previously it was 35 years for government-backed insured mortgages. Adjustments on the new amortization limit will come into force on March 18, 2011.
  2. The maximum amount that can be borrowed when refinancing a mortgage is reduced to 85 percent from current 90 percent value of the home. This new refinancing limit will come into force on March 18, 2011.
  3. The federal government will withdraw its insurance backing for home equity lines of credit secured on homes (HELOCs). Government backing for home equity lines of credit, rules regarding the borrowing of funds that are secured by homes will end on April 18, 2011.

Canadian 2011 Mortgage Changes:

Change in Maximum Amortization Period! The purpose reduction in maximum amortization periods for mortgages is to allow mortgagors and borrowers to pay off their debt quickly as possible and thereby reducing the total interest payment they will pay on their loan, but on the other hand as their mortgages will be amortized over a shorter time period, it will result in increase of their monthly payments.

Change in Lower Maximum Refinancing To Loan to Value Ratio! The reduction of 5% on maximum amount that a Canadian can borrow to refinance their mortgages will definitely limit the debt amount a family can incur. On the other hand it is also expected to allow and encourage savings like families will only be able to borrow less, resulting as being a greater equity in their homes.

Change in Withdrawal of Government Insurance on Non Amortizing Lines of Credit Secured by Homes! The Canadian federal government will cease to insure home equity lines of credit where money is borrowed against a home for use other than to purchase or refinancing. According to the Finance Department in relation to rules regarding the borrowing of funds that are secured by homes have been shifted their responsibility on financial institutions to deal such loans and the government will not manage them because these home equity loans have risen in recent years resulting in more consumer debt and definitely more loan defaults. Where the federal government thinks its the best measure to further stabilize Canadian housing market. It is also expected these financial institutions and lenders will make it more efficient and productive while making their strict criteria for the grant of such loans.

Some Professional Voices About New Mortgage Rules

In the words of Mr. Avery Shenfeld, an Economist; likens the new rules to the government putting Canadians on “a debt diet” that would further protect against a U.S. style mortgage crisis. The finance minister’s announcement indicates an increasing concern in the federal government about the impact of consumer debt on the Canadian economy.

Frank Techar, president of personal and commercial banking at Bank of Montreal said, “The actions announced are prudent, measured, responsible and timely”.

Analysts from Scotia Capital suggested government regulation was the way to go in terms of curbing household appetite for credit as opposed to the Bank of Canada raising interest rates, which they said would be “imprudent” at this time.

Exceptions will be allowed after these new Canadian mortgage rules changes come into force, if necessary, to satisfy a home purchase or a sale and home financing agreement arranged before the above mentioned dates of March and April.

If you have remembered, back in 1999 when the CMHC would only insure mortgages for a maximum of 25 years federal government decided the Canadian housing market would be a great way to goose up the economy since it was working great in USA at that time. In 2005 the maximum amortization went to 30 years, in 2006 went to 35 years, in 2007 it went to 40 year terms with zero down with an intention to compete with private companies in the market. Today’s government worries about the debt load of the Canadian consumer that has shown up in most recent changes seems to be started in year 2008 when the maximum amortization went again back to where it was in year 2006 as 35 years. Does it mean government is trying to slowly taking away moisture without causing it prominent dry look?

You are welcome to share your own experience and opinion regarding mortgage new policy “The Canadian Government Announced New Mortgage Rules For 2011”. For the previous major mortgage rule changes and announcements you may check out here: Canadian Mortgage Rules October 2008 and Canadian Mortgage Rules April 2010.


How and Where To Get The Best Mortgage Rates Canada

People mostly looking to get answers for two most important questions when looking for a mortgage loan in Canada! How to get the best mortgage interest rate? and Where to get the best mortgage rates Canada? Finding for the best mortgage rates Canada is a tough job for new and even an experienced prospective homeowner. Most of the people believe that they are getting the best rate, however, often times they are ending up by paying higher interest opposite to their need for a lower rates. The mortgage market overwhelms most of the first time home buyers by forcing them to accept more costly and expensive mortgage rates rather than the lower rates known as the best mortgage rates Canada. This has made incredibly unfortunate for most of the Canadians to pay thousands of dollars over the value what they should be paying on their mortgages but there are various mortgage lending companies who don’t want mortgage shoppers to be taken advantage other than to provide the best mortgage rates Canada.

These best mortgage companies provides visitors with the resources necessary to make well informed educated decisions when comparing the best mortgage rates in Canada through a network of top Canadian mortgage lenders and mortgage brokers. This includes an efficient current rates mortgage calculator, which may compiles over hundreds of the best mortgage rates Canada from the top mortgage loan providing banks, credit unions and brokers working throughout Canada. This kind of quick and easy way to work out your monthly mortgage payments based on your budget, mortgage rate comparison plate form is an absolute requirement for any new and confused buyer looking for the best mortgage rates Canada that suit their specific individual needs. Moreover, they also offer guidelines through a concise Mortgage Guide that explains the basics of a mortgage, mortgage rates, types and comprehensive statistics to help all first time home buyers to search, compare and navigate the mortgage market and make brilliant and well thoughtful decisions. Such kind of mortgage advisory and facilitation is an invaluable tool for anyone looking to find and compare themselves of the best mortgage rates Canada not even for their residential but commercial mortgage rates Canada to lower their mortgage cost and payment periods.

It has been observed that most of the people undertake mortgages very lightly although there is a great need of a thorough research and to understand the mortgage process, rates, repayment options and types of mortgages. This reduces their ability to find best mortgage rates Canada, resulting in an expensive deal on their dream home. Due to today’s tight economic situation, no one wants and even affords to loose their hard earned savings to pay off their home when they could be paying for their other most important expenses like households, education for their children or planning a vacation for their family.

Its today’s reality that can be easily heard without any surprise if any person says about his or her financial condition as tight with money, home owners specially without any additional income may find it hard to pay off large amounts of their mortgage payments each month. That’s why, those first time home owner’s who don’t afford to pay these supplementary payments may face significantly higher amounts of interest on top of there already high purchase price due to the housing boom of the past few years. So it has become an integral duty towards your financial health to find a best mortgage rates Canada that can save you as a home owners in thousands of dollars in the long run, and making your investment worthwhile, every new home owners should educate themselves while researching a finding for the best mortgage rates Canada.

It has seen a considerable increase of people searching online for their mortgage and most searches have been taken place for the province of Ontario and our great city Toronto especially when searching for the best mortgage rates using a phrase like “best mortgage rates Toronto” and “best mortgage rates Ontario” are common among those borrowers looking for lowest mortgage rates in Canada. According to mortgage surveys internet usage for such consumers that were only 26% in 1999 have been increased to more than 40% today although personal relation with mortgage companies and people also considered a great way to find a best mortgage rates Canada.

Rate Supermarket Canada is becoming a great online mortgage service and resource center for busy people and who have been frustrated with navigating the real estate market, looking for an easier, intelligent and informed decision about their current or future homes. You may definitely get answer of your question, “how and where to get the best mortgage rates Canada?” Looking for a mortgage broker or a lender is no more difficult for people searching for the most affordable and qualified companies in all the provinces and territories throughout Canada. You will get high-class information and first class mortgage brokers, consultants and top banks to let you able to directly contact with your favorite lenders to facilitate your largest investment with success and reach your financial goals in finding a best mortgage rates Canada.

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