What You Need to Know About the New NHA MBS Policies

EditorFamilyLending.ca, Financial Tips, General Interest, Mortgage Insurance, Mortgage News, Residential Mortgages

Last Friday, the Canada Mortgage and Housing Corporation issued a statement announcing another round of mortgage restrictions, this time concerning limits on new National Housing Act Mortgage-Backed Securities (NHA MBS). The statement, which was sent to banks, credit unions, and other mortgage lenders, outlined new restrictions that would limit lenders to a maximum of $350-million new guarantees, the amount of … Read More

Housing and the Big, Bad Budget

EditorFamilyLending.ca, Financial Tips, General Interest, Mortgage Down Payment, Mortgage Insurance, Mortgage News

A lot has been said about Thursday’s budget announcement. From Flaherty’s shoe selection to a vague job-training program, many Canadian’s were left slightly confused following the much-anticipated announcement. With that being said, Flaherty’s eighth (and potentially final) budget announcement could have been worse, especially for the mortgage industry. Thursday’s budget included a tightening of controls on mortgage lending once again, … Read More

How To Buy A House When You Have Bad Credit

EditorAbout Mortgage Brokers, Credit Rating, FamilyLending.ca, Financial Tips, First Time Home Owner, General Interest, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Mortgage Term, Mortgage Types

According to recent reports, more than one in eight adult Canadians are expected to declare bankruptcy or negotiate a debt settlement with creditors. And yet, Canada’s homeownership numbers are currently at a record high. This just goes to show you that devastated credit doesn’t have to leave you high and dry when it comes to entering the housing market. Granted, … Read More

What if the Government Didn’t Back Mortgages?

EditorFamilyLending.ca, First Time Home Owner, Home Insurance, Housing Costs, Investment Property, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Real Estate Advice, Residential Mortgages

Saving for a down payment on a home takes dedication, perseverance, and sacrifice. For many, it also takes a long, long time. According to a recent report from Rate Supermarket, come 2020 the average cost of a home in Canada will be $553,000. To accumulate a measly 5 percent down payment for such a home, recent graduates should expect to spend … Read More

Avoid Homebuyer’s Regret With These Tips

EditorAbout Mortgage Brokers, FamilyLending.ca, Financial Tips, Mortgage Down Payment, Mortgage Insurance, Mortgage News, Property Maintenance, Residential Mortgages

While buying a home is the biggest investment the average Canadian will ever make, many first-time home buyers still don’t take the time to perform sufficient financial due diligence before signing their offer to purchase. A recent survey commissioned by TD Canada Trust has found that the two biggest regrets include not saving for a larger down payment and not doing enough … Read More