EzeeMortgages

Talk about uncertain times. Changes continue!

Such a disappointment as many first time homebuyers are eager to finally qualify into this market. All efforts are being made to avoid a recession as it becomes more real...

Talk about uncertain times. Changes continue!

We've all been offered at one time or another the best investment opportunity ever! Guaranteed 10% return sound familiar? A.k.a - Pyramid Schemes If it sounds too good to be true....its probably too good to be true!

CMHC isn't done with us yet!

We've all been offered at one time or another the best investment opportunity ever! Guaranteed 10% return sound familiar? A.k.a - Pyramid Schemes If it sounds too good to be true....its probably too good to be true!

Well isn't this interesting...

The Mortgage "stress test" has now become "stressful" for Everyone!

CHIP Reverse Mortgage - Allowing seniors to turn their equity into active income. Securing retirement years with the purchase of Life Annuities. Wise and Safe Investing!.....Let's Chat!

Disposable Income??? Whats that?? Many new homeowners ask in today's high priced market!

This is a necessary post as my phone is still ringing with nervous homeowners. RATES HAVE INCREASED!!! Is it time to lock into a fixed rate? If you go Variable should I stay Variable in order to win the rate game? The answer to these questions?......Never let rates keep you up at night!

Its Important to get the best mortgage rates, but with the new mortgage rules firmly in place its even more Important to have a Mortgage Broker!

Is it still a good time to buy?....Some say yes! #goodread

CMHC to Increase Mortgage Insurance Premiums OTTAWA, January 17, 2017 CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. For the average CMHC-insured homebuyer, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home, said Steven Mennill, Senior Vice-President, Insurance. Overall,... the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability. Capital requirements are an important factor in determining mortgage insurance premiums. The changes reflect OSFI's new capital requirements that came into effect on January 1st of this year that require mortgage insurers to hold additional capital. Capital holdings create a buffer against potential losses, helping to ensure the long term stability of the financial system. During the first nine months of 2016: The average CMHC-insured loan was approximately $245,000. The average down payment was approximately 8%. The average gross debt service ratio (GDS) was 25.6%. To qualify for CMHC insurance, a homebuyer’s GDS should not exceed 32% of their total monthly household income. Down payment between 5% and 9.99% Loan Amount $150,000 $250,000 $350,000 $450,000 $550,000 $850,000 Increase to Monthly Mortgage Payment $2.82 $4.70 $6.59 $8.47 $10.35 $15.98 Based on a 5 year term @ 2.94% and a 25 year amortization *Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax the sales tax cannot be added to the loan amount. Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and repaid over the life of the mortgage as part of regular mortgage payments. Additional details and scenarios are included in the backgrounder below. CMHC regularly reviews its premiums and sets them at a level to cover related claims and expenses while also reflecting the regulatory capital requirements. CMHC is Canada’s most experienced mortgage loan insurer. Our mortgage loan insurance enables Canadians to buy a home with a minimum down payment starting at 5%. As a Crown corporation, CMHC is the only mortgage insurer whose proceeds benefit all Canadians. As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need and offers objective housing research and information to Canadian governments, consumers and the housing industry.