CMHC “Shared Equity Program” for Home Buyers Released in the Federal Budget March 19th

The Federal Finance Minister Released in his March 19th Budget a New CMHC Program to assist New Home Buyers with their mortgage payments.  All of the detail have not been released yet however will be over the next few weeks.  This program is aimed at new home buyers to reduce their mortgage and therefore their monthly payments. How the  program is set to work is a home buyer will potentially receive 5%-10% of their purchase price in a “loan” applied to their mortgage at the onset of the purchase that reduces that mortgage amount.  Although it looks somewhat great it is limited to new home buyers, the 10%…

READ MORE

Terminology Tuesday – Introductory Rate Offers! What are They – Do The Math!

Introductory rate offers are not new, banks have offered them in the past however it has been quite some time since that type of special rate term was made available. The way it usually works is the lender will offer a low interest rate for your mortgage that will be lower than the best rate offered for a full five year term.  An example is usually for 6-9 months and then the rate will go up for the remainder of the term which is almost always based on 5 year mortgage term.  That interest rate for the remainder of the mortgage term is  higher than the best discount…

READ MORE