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New Mortgage Rules For Government Insured Mortgages

Effective March 18, 2011, it will be tougher to get a mortgage for products requiring government insurance. Here are the new rules: 1. The maximum amortization period will be 30 years (it currently is 35 years). 2. The maximum LTV on a refinance will be 85% (it currently is 90%). 3. Elimination of government insurance […]

More New Mortgage Rules in 2011???

In 2010, the government introduced new rules for mortgages needing default insurance. These rules were stricter than previously and made it more difficult for buyers to purchase properties. Those new rules were: – Qualifying mortgages at the higher rate of the contract rate or 5-year Bank of Canada posted rate (regardless of the mortgage product). […]

Mortgage Rates

The Bank of Canada has left major rates affecting mortgage rates the same this week. The posted 5-year mortgage rate remains at 5.19%. Also the Prime rate (which is the key factor that determines the interest rate on variable mortgage products) remains unchanged at 3.00%. Despite the predictions of analysts, mortgage rates this year did […]

Mortgage Barrie

Barrie is a located on Kempenfelt Bay, right off of Lake Simcoe in the central portion of Southern Ontario. Geographically it is within Simcoe County, but the municipality is politically separate. Barrie is located in the Greater Golden Horseshoe, the most densely populated area of Canada. The city had a population of 128,430 residents in […]

Mortgage Wasaga Beach

Wasaga Beach is one of the most premiere tourist destinations in Ontario. For a century tourists have traveled to the welcoming shores of Nottawasaga Bay, to explore 14 kilometres of white sand beach, swim in warm, clean waters and enjoy the spectacular mountain views across the Bay. The town has an excellent variety of accommodations […]