I just finished up a big long article for our Rev N You with Real Estate Newsletter subscribers…and this is such a huge and important point for all potential real estate investors to understand that I thought it’s worth repeating (in summary).
Last weekend we sat down with Cindy Faulkner, owner and President of Meridian Coastal Mortgages and our mortgage broker, and got the facts on the crazy mortgage market in Canada. I’ve just finished posting the 5 part interview to our website and wanted to let you know. Check it out! We cover everything from what’s the right mortgage to get right now, should you lock in your rates, and even financing for Canadians buying real estate in the U.S. It’s packed full of great information! Let us know what you think!
“Federal crackdown could spark housing sales”
The real estate industry is bracing for a surge in home purchases,
betting buyers will rush to get ahead of tighter federal government
standards for the mortgage industry.The Finance Department will stop
guaranteeing 40-year and zero-down-payment mortgage loans starting
Oct. 15.
No Surge In Home Sales on the Horizon
Read more on Brace Yourselves – There will be NO surge in House Sales…
The government of Canada is adjusting their policy on government backed mortgages based on what’s happened in the U.S. housing crisis. As of October 15, 2008 you won’t be able to get a 40 year, no money down mortgage, backed by the government anymore. Their new rules and requirements for the 35 year amortization mortgage with a minimum of 5% down will likely be so tight you won’t qualify for it either.
Read more on 5% Down and 35 Year Amortization Now the Max in Canada…
