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A CMHC study finds that First-time homebuyers conduct virtually all of their mortgage inquiries online.
The 2010 CMHC has revealed many interesting statistics from its survey, including the trend for first-time homebuyers to conduct virtually all of their mortgage inquiries online. Findings from the 2,503 Canadians surveyed in February illustrate that:
Continue reading “Majority of First-Time Homebuyers Shop Online”
On April 19th, all banks will be using what is referred to as a ‘benchmark rate’ to see who qualifies for a mortgage.
As of April 19, all variable or fixed-rate, high-ratio insured mortgages will be qualified using either the chartered-bank five-year posted rate or the contract rate, whichever is greater. This change comes as lenders announce their new policies regarding debt servicing.
The Bank of Canada will post this qualifying rate (also known as a benchmark rate) every Monday. Some banks, including TD and Scotia Bank, appear to be applying this rate not only to high-ratio loans, but to conventional mortgages as well.
Continue reading “Higher Qualification Rates Posted by Banks”
There comes a point in time when a house price rises so high that a purchase may just not be a wise decision.
There comes a point in time when a house price rises so high that a purchase may just not be a wise decision, especially in cases where you are putting less than 10 per cent down.
Mortgage pundit Moshe Milevsky says that ultra low interest rates, making home ownership appear so very much in reach of many prospective buyers, may also be the enticement that leads those homeowners into detriment later on down the road.