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6 need to know First time buyer facts
We are not just another mortgage company!
We are here to assist your in the best
possible way by providing "Hands on
Service"!
When you have any financing related
questions, we are here to help!
Mortgage Intelligence puts the information
you need in your hands
6 need to know First Time Buyer facts
These are crucial points that you should
review if you are currently renting or
buying your first home
To obtain your FREE
copy of the 6 need to know First Time Buyer
facts fill out this form below
Before
you make what is likely to be the biggest financial decision of your life,
call us at 866-544-4001 or email
Justin
Christie or
Keith
Walper
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Clearing the downpayment
hurdle is easier than ever
“Buy a house with no money down!” We feel
intuitively that it can’t possibly be
true. But this year, watch for a fresh
crop of promotions for mortgages available
with little or no downpayment. Thanks to a
recent policy change from Canada Mortgage
and Housing (CMHC) – as well as some
flexible new mortgages on the market –
prospective homeowners have some
innovative strategies at their disposal,
all designed to help clear the path to
home ownership.
First, let’s look at the new policy from
CMHC. Introduced in late February this
year, the policy eases the downpayment
requirements for mortgages – allowing for
several flexible alternatives.
Traditionally, homebuyers needed to
provide a minimum 5% downpayment from
their own financial resources in order to
purchase a home. The policy was an
informal test of the savings discipline of
the prospective homeowner and his or her
ability to manage the financial
responsibility of a mortgage. In the past
few years, it has also been a test of
nerves – as would-be homeowners watched
mortgage rates fall and house prices climb
while they scrambled to meet the CMHC
downpayment requirement.
But effective March 1 of this year, the
rules have changed. That 5% minimum
downpayment can now come from any source:
credit cards, personal loans, lines of
credit, or even cash-back incentives
offered by mortgage lenders.
The new policy is good news for would-be
homebuyers with the cashflow to take on a
mortgage – but who are still struggling to
come up with a downpayment. Many young
people, for example, have begun to enjoy
good income – but their student loans have
left them with non-existent savings.
If the new, flexible downpayment policy
seems surprising, it’s because our ideas
about mortgages have been ingrained by
many years of experience with traditional
mortgage products in traditional
institutions. But while banks still offer
a wide-range of mortgage options to
Canadians, they have been joined by other
types of lending institutions, who have
been developing innovative new mortgage
choices for Canadian homebuyers – and
responding to changing customer
preferences and a shifting rate
environment.
At Mortgage Intelligence – a leading
mortgage firm – clients were enjoying a
“no downpayment” mortgage option well
before the new CMHC policy change this
February. In fact, eligible Canadians
homebuyers have been taking advantage of a
mortgage that allows them to borrow up to
7% more than the value of the home. The
additional funds cover the higher fee for
the mortgage, and even offer a 3% cash
back that homeowners can use to purchase
appliances, pay off other higher-interest
debt or pay for closing costs.
The objective of both the new CMHC policy
and the innovative new mortgages is the
same: to help qualified Canadians step
quickly into home ownership.
Every prospective homebuyer, of course,
should discuss their situation with a
mortgage professional – and make a
realistic assessment of the risks and
financial responsibilities of a mortgage.
But we’re experiencing strong housing
prices and mortgage rates the lowest
they’ve been in memory. And for Canadians
with financial discipline and good income
prospects, these new “no money down”
options mean they won’t have to stand on
the sidelines of this historic
opportunity!
Top |
To
maximize the benefits to you, you may want to consider enlisting the
services of a Mortgage Intelligence agent. We negotiate
with major financial institutions, chartered banks, trust and insurance
companies, Canada Mortgage and Housing Corporation, Genworth and others to
bring our clients the most competitive mortgage rates and terms.
Mortgage Intelligence will usually earn a commission or fee from the
lender* for all the work, advertising and promotion done on their behalf.
Our professional services are provided, in most cases, at no cost to you.
We are constantly updated on rate changes and new products being
introduced in the market. As our client, you can choose from the
widest range of options, obtain the most competitive rate and best product
suited to your specific needs. An extensive network of financial
institutions has enabled many of our clients to obtain savings of up to
1.40% below posted lender rates.
For
more information or a free consultation -
Please contact Justin Christie or Keith Walper at 519-238-HOME(4663) or toll free
at 1-866-544-4001.
* Subject to certain guidelines
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Rates |
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Rates as of 12-Mar-2010 |
|
Term |
Bank
Posted Rates |
Our
Best Rates* |
|
6mth |
4.60% |
3.85% |
|
1
yr |
3.65% |
2.49% |
|
2
yr |
3.95% |
2.95% |
|
3
yr |
4.30% |
3.40% |
|
4
yr |
5.04% |
3.69% |
|
5
yr |
5.39% |
3.69%* |
|
7
yr |
6.60% |
4.95% |
|
10
yr |
6.70% |
5.20% |
|
variable
rates-ask for details |
|
*30 day quick
close special |
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Call
Us Toll Free |
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866-544-4001 |
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