Anna Hambly
. Innisfail, AB, Canada

Bank of Canada raises interest rate for 1st time in 7 years. http://www.cbc.ca//bank-canada-interest-rate-monetary-poli

CMHC is increasing mortgage loan insurance premiums effective March 17, 2017. https://www.cmhc-schl.gc.ca//nero/nere/2017/2017-01-17-083

Starting October 17th 2016, borrowers who take out insured mortgages that are fixed-rate loans of five years or longer will be subject to a more stringent stress test. Under the new rule the mortgage amount that a borrower qualifies for will be based on the Bank of Canada’s posted 5 year rate which is currently 4.64%. The actual mortgage payment will still be based on the rate you actually receive from the lender. http://www.ctvnews.ca//mortgage-rules-what-do-the-changes-

Many people have suffered since oil prices began to fall. It affected everyone, one way or another. Alberta had a net loss of 19600 jobs in 2015. This brings up the question What to do if you can’t afford your mortgage payments? Here are a few options to consider before you reach that point. Reduce your interest rate - Refinancing your interest rate by even one percent can save you thousands of dollars a year. Extend your loan term - Extending the original repayment period ...(amortization) in order to lower the monthly mortgage payments. Equity take out for debt consolidation - Simplify your finances by only having one monthly payment rather than many. Pay off higher interest debts so that you are left with one loan at a lower interest rate. These options aren't always possible but it's a good place to start. Contact me as soon as you realize you won't be able to pay your monthly mortgage. The longer you wait, the fewer options you have. If you have an insured mortgage, Genworth and CMHC are offering Mortgage Assistance Programs. For more information, follow the link. Genworth: https://www.genworth.ca//home_o/what_happens_cant_pay.html CMHC: https://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/declprsa/ See more