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Old 11-27-2017, 12:42 PM   #1
Mortgage Made Easy
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Post Canada’s New Mortgage Rules 2018



Mortgage rules are changing effective January 1st, 2018. Many Albertans (Canadians) will be effected by the change. These changes impact the qualifying for purchases with more than 20% down payment and clients who are looking to refinance. If you are unsure if it impacts you, please reach for a free no obligation call or meeting.

These rules have been in place since Oct 2016 for purchases with less than 20% down payment.

If you have questions, do not hesitate to contact me! tim@cgymortgage.com

https://timlacroix.com/canada-new-mortgage-rules-2018/
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Kardia Mortgage Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or email puckforum@cgymortgage.com

Click here to View current Mortgage Rates

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Old 12-04-2017, 12:31 PM   #2
MoneyGuy
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Tim, do you think these new rules are good and do they provide more safety for home buyers? And your reasons? Thanks in advance.
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Old 12-04-2017, 12:48 PM   #3
Mortgage Made Easy
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Originally Posted by MoneyGuy View Post
Tim, do you think these new rules are good and do they provide more safety for home buyers? And your reasons? Thanks in advance.
Thanks for the question...

I think there is some prudence to the changes however I don't believe that they have given enough time to previous changes (a year ago) before considering what makes sense.

However, the changes I think are going to cost some borrowers more:
1- Some self-employed people are already being pushed into the alternative market for lending. And believe the new changes will increase the alternative lending market.

2- Renewals - while the change does not affect you if you renew with your existing lender, it will remove your ability to choose & compare your options and therefore, likely have to accept the rate that is being offered by your existing lender.

Overall, the changes are going to either take away choice & competition which benefits the lender (banks primarily)... not the consumer.

One thing that I do know... it is more important now than ever to speak with a good mortgage broker as the changes are many. And obtaining a mortgage going forward is more than just rate... the solution needs to be tailored, if possible to your overall financial goals.

Wrong choices will cost you more than it may save you. There are so many options and knowing them, is important (banks, credit unions, non banks... they all have a place and time)!
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Tim
Mortgage. Made Easy Experts
Kardia Mortgage Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or email puckforum@cgymortgage.com

Click here to View current Mortgage Rates

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Old 01-12-2018, 12:01 PM   #4
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https://www.theglobeandmail.com/glob...ticle37584568/

RBC raised their mortgage rates and it appears TD might follow too.

My renewal is up in 2020. I hope rates will be lower then. In the mean time, is it a good idea to make certain lump sum payments to my mortgage?
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Old 01-12-2018, 12:13 PM   #5
Mortgage Made Easy
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Originally Posted by Izzle View Post
https://www.theglobeandmail.com/glob...ticle37584568/

RBC raised their mortgage rates and it appears TD might follow too.

My renewal is up in 2020. I hope rates will be lower then. In the mean time, is it a good idea to make certain lump sum payments to my mortgage?
TD raised their rates as of today.

Making lump sums to your mortgage is always a good idea. However, each individual's financial situation and goals are different. Which means you should look at your financial goals which include all aspects of money.

Once this is determined, there should be a strategy of what to save, invest and pay towards debts, including your mortgage to reach those goals.
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Thanks,
Tim
Mortgage. Made Easy Experts
Kardia Mortgage Inc
www.TimLacroix.com

If you have any questions please feel free to PM me or email puckforum@cgymortgage.com

Click here to View current Mortgage Rates

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