The Canadian government implemented new rules for mortgage lenders on January 1, 2018. The stress test was created to try and slow down the housing markets in Toronto and Vancouver. An unintended consequence was that people getting their first mortgage in Edmonton or elsewhere in Canada were also affected dramatically.
If you are up for mortgage renewal in Edmonton, you may have more opportunities than you realize. When mortgage renewal time comes up, most homeowners don't bat an eyelash. They say yes, and often pay more than they should. Banks hope homeowners are lazy and will accept the first renewal offer they receive.
I don't have credit, but I need credit to get a loan, credit card, or mortgage. So, how am I supposed to get my first mortgage in Edmonton without any credit? Many young people have very little knowledge of their own credit and how credit works.
People often do home renovations over the summer for a couple of reasons. First, the sun is out longer, and people feel like they have more energy. Second, if your home has to be exposed to the outside during the renovation, the temperatures will allow for it.
It is essential to understand the difference between renewing your mortgage and mortgage refinancing in Edmonton. In Canada, banks are only allowed to make official loans for ten years. Most mortgage payment terms last over a period of 30 years.
If you are looking to buy a home, you have probably heard about a debt to income ratio for a mortgage. This is one of the many parameters that a lender will use to assess if you will be able to pay back on a mortgage easily enough.
There are several reasons for wanting to refinance your home. Perhaps you're looking to pay off your credit card debt, update your kitchen, or reduce your mortgage payments. Refinancing can make good financial sense; but there are things you should be aware of before you jump in to the first offer available to you.
Buying a home is an exciting venture; it can also be overwhelming and stressful! There are many factors to consider, such as a mortgage broker.
You've saved up a down payment, researched the market, and figured out how much you can afford to pay for your first home. Now you're ready to get pre-approved for a mortgage, right? Not so fast.
Renewing your mortgage was probably the last thing on your mind. However, most homeowners will consider refinancing at some point.
- How the New Lending Rules Affect Edmonton Home Buyers Qualifying for their First Mortgage
- What Opportunities Do Edmonton Homeowners Have When Their Mortgage is Up for Renewal?
- Can Edmonton Home Buyers Qualify for Their First Mortgage with No Previous Credit History?
- You Can Afford to Remodel Your Edmonton Home This Summer with Home Renovation Loans
- Mortgage Refinancing Vs. Renewal: What Is the Right Option for Your Edmonton Home?
- Contact Us for More Information On Mortgage Broker Services