(Closed) Canadian Mortgage Rule Changes

posted 6 years ago in Home
Post # 3
Member
799 posts
Busy bee
  • Wedding: June 2011

 

I guess I understand the rationale, as first time home buyers we did not have 20%, and did a 35 year amortization, so it would definitely put us in a very different position than we are currently in.

However, we did the 35 year option to have our minimum payment rediculously low ($352 bi-weekly) but do a fixed payment at what a fixed rate mortage and 25 year amort would have been, so we`re capable of following the new restrictions I suppose, but as is, this allows us to pay more principal down.

I am very curious to see if it cool off the market here.

Post # 4
Member
1501 posts
Bumble bee
  • Wedding: September 2011

Apparently my head has been in the sand, what are the new rules? Curious now but too lazy to google it!! lol

Post # 7
Member
1501 posts
Bumble bee
  • Wedding: September 2011

Sounds like not bad changes to me.

Post # 9
Member
1501 posts
Bumble bee
  • Wedding: September 2011

Just a tactic for them to push a sale. It is good that you aren’t rushing and being smart about your purchase. There are tonnes of places to buy out here.

Post # 10
Member
2819 posts
Sugar bee
  • Wedding: February 2013

FH & I wanted to do a max. 15-year amortization, and were adamant about being able to put 20% down on whatever we buy (which limits our budget to $350K), so they don’t really effect us.

Post # 11
Member
1675 posts
Bumble bee
  • Wedding: October 2010

I think they are very wise. My DH’s job is related to the real estate industry and he sees a lot of people getting in too deep.

HELOCs are, as I understand, big money makers for the bank, but almost never the most prudent way to handle debt.

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