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With a growing number of brokers entering the Canadian mortgage market, how do you find the one that will work best for you?
So, you’re ready to purchase a home.
If you enlist the services of a qualified and professional mortgage broker, then you can be sure that they will work diligently to secure you the best terms and rates available on a product that fits your needs. In addition, they will guide you through the whole home buying process.
But with a growing number of brokers entering the Canadian mortgage market, how do you find the one that will work best for you?
50 per cent of (or 2.1 million) Canadian households renovated their homes in 2009, and just over 40 per cent intend to this year.
According to a recent survey published by the Canada Mortgage and Housing Corportation (CMHC), 50 per cent of (or 2.1 million) Canadian households renovated their homes in 2009, and just over 40 per cent intend to this year. The survey took information from homeowners dwelling in the 10 largest Canadian housing markets: Vancouver, Edmonton, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec, Halifax and St. John’s.
When home values begin to decline, it ‘s best to take action before lenders and home insurers start narrowing their allowances
When home values begin to decline, it‘s best to take action before lenders and home insurers start narrowing their allowances. This is especially true in cases where refinancing and home lines of credit are concerned.
Many lenders require that a potential borrower has at least 20 to 25 per cent equity in the home from which they intend to draw a Home Equity Line of Credit (HELOC). In other words, if housing values fall and you lose, for example, five per cent of the equity you have amassed, you may also lose your ability to qualify altogether.
Continue reading “Falling Housing Prices Mean It's Time To Act”