Mortgage Default Insurance – Home Buyers Series Part 1 of 4

Back in the mid 1950’s, if you did not have 20% of the homes purchase price to put toward a down payment you would not qualify for a mortgage as lenders would only finance up to 80% of the home’s value.   

Still known today as conventional mortgage financing – requiring a 20% down payment put home ownership out of reach for many Canadians as escalating home prices made it more and more difficult to save enough for the down payment.  

The real estate and mortgage lending landscape changed dramatically in 1954 when the Canadian Government introduced mortgage default insurance. 

Realtor's Exposed!

I hope you’re not reading this article because you were looking for some dirt on Realtors?

To the contrary, this article touches on the benefits that Realtors or Sales Representatives provide to their clients throughout the complex and sometimes frustrating and confusing home buying / home selling process.

House Prices To Hold in 2012 - CMHC

The Canada Mortgage and Housing Corp. believes mortgage rates will likely remain at historically low levels at least until the last half of 2012, resulting in a balanced housing market and keeping average home prices to remain fairly flat throughout the year. 


Here is the link to the Globe and mail article:
http://www.theglobeandmail.com/report-on-business/economy/housing/house-prices-to-hold-next-year-cmhc/article2225301/


Domenic Mirabelli
Mortgage Intelligence
416.303.4480
domenic.mirabelli@migroup.ca


"Helping you find a mortgage...and peace of mind" 

Re/Max Report: Canadian Home Values Have Doubled Since 2000

Now this is what we would call a big deal! According to Re/Max, the Canadian real estate organization, the average home value has doubled in most big Canadian cities since 2000.

Re/Max examined the value of homes in 16 major markets across the country and calculated the changes that happened from 2000 to 2010.

Bank of Canada Outlines Mortgage Rate Discrimination

If you don’t think banks discriminate when deciding who gets the best mortgage rates... you may want to check out this report released by the Bank of Canada.  

Buying a Home? What you need to know about your Downpayment!

You’re downpayment is essentially your initial contribution toward purchasing a property.  A downpayment not only gives you a bit of ownership in your property but also gives the eventual mortgage lender a greater sense of security as you are invested in the property and have something to lose should you not be able to meet your mortgage commitments.