Mortgage news:
Risk fee plus 10 basis points extra on the low-ratio bulk
insurance will be charge to CMHC and Genworth by the federal Government
starting January 2014. Apparently there will be no impact on the cost of
buying a house or the cost of mortgage funding
Product ”NEW TO CANADA”, qualified
homebuyers who have immigrated or relocated to Canada within the last 5 years
are eligible under Genworth's/CMHC New to Canada program to purchase a property
with as little as a 5% down payment
Borrower Qualification:
- Must have immigrated or
relocated to Canada within the last 60 months
- 3 months minimum full time
employment in Canada (borrowers being transferred under a corporate
relocation program are exempt)
- Must have a valid work permit
or obtained landed immigrant status
- For 95% LTV, down payment must
be from own resources. For LTV's less than 95%, the remainder may be
gifted from an immediate family member or from a corporate subsidy
- All debts held outside of the
country must be included in the total debt servicing ratio(Rental income
earned outside of Canada is to be excluded from the GDS/TDS calculation)
- Guarantors are not permitted
- Foreign Diplomats who do not
pay tax in Canada are ineligible for this program
Rates: 2.99% 3Y FIXED MORTGAGE
From TD Economics
The Canadian economy turned out a decent performance in the
third quarter of the year. Real GDP grew by 2.7% annualized – the fastest pace
of growth in over two years.
• Some of the strength in the quarter can be attributed to
temporary factors, including a rebound in oil and gas production following
supply disruptions during the first half of this year and a sharp inventory
build.
• Still, there were some encouraging underlying details in the
GDP report released today. Household and business spending moderately supported
economic activity. While net trade was a drag on growth, improvements in
exports towards the end of the third quarter spell good news for economic
growth in the fourth quarter.
• The Q3 performance is unlikely to move the Bank of Canada’s monetary
policy stance. We expect the
Bank of Canada will be on hold at least until the end of 2015
We are trying to make mortgage product and information available to everybody, this way client may know in advance which product fits them the best. Call me for a no fee consultation. Romy -416 278 2540
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