In spite of popular belief, buying a house in today’s real estate market is NOT a difficult task. Post the real estate melt down, consumers could have money and bad credit or good credit and no money, and still qualify for a mortgage. NOT TODAY!! Today, you MUST be prepared to buy a house. Unlike the mortgage industry of yesterday, you can’t just “flare-up” and decide to buy a house on the spot and actually get it. Today, you have to PLAN for it!

TD Bank to Government of Canada !
**Raise Minimum Down Payment For Home Buyers.
**CMHC’s flex down program.
**Actions to constrain lending growth may be prudent.
**Shortening the maximum amortization to 25 years from 30.

Canadian Mortgage & Housing Corp CMHC REPORT! Source: Toronto— Reuters Published: Tuesday, Aug. 09, 2011 9:23AM EDT Canadian housing starts unexpectedly climbed 4.3 per cent in July, data showed Tuesday, setting the third quarter off to a strong start in new home construction and maintaining its role as a key support to the economy. Starts, […]

If you have a closed mortgage at a fixed rate, and you want to get out early, be prepared to pay a high penalty. The cost may be many thousands of dollars. Most mortgages have a clause that says premature cancellation requires paying three months’ interest or an interest rate differential (IRD), whichever is greater. […]

Interest rates may be set to fall While the Bank of Canada had long been expected to start raising interest rates from their historic lows, experts say the bank is now under pressure to cut them, meaning rates for everything from lines of credit to mortgages could follow. “The market has already priced in a […]