Simpson Mortgage Corp processes all types of mortgages - repeat home owners, first time buyers, builders, rentals, private lending, commercial. Let us use our 30 years lending and mortgage experience to help you suceed. We are usually paid by the lender. We offer free mortgage advice and will provide options for all situations including credit issues, mortgage arrears and those facing foreclosure or who wish to buy a foreclosure. You can be assured that we will keep your information private and confidential, and will only release to lenders what you authorize.
Bank of Canada Prime Interest rate is 0.5%, lender Prime Rate is 2.70%
Variable Rates from 2.1%, 5yr Fixed from 2.25%
If your mortgage is coming up for maturity in the next year or two, you should look at an early renewal with your lender, or consider letting us switch your mortgage for you to get a great interest rate now rather than missing the boat should rates rise later this year or next. Many lenders will let you early renew without a penalty.
Government of Canada housing changes Oct 17th, 2016
CMHC (Canada Mortgage and Housing Corp.) and the Banks tightened lending rules on federal insured mortgages again Oct 17,2016.
1) The Federal Government and Lenders have changed the rate that you qualify for a CMHC or other Insured mortgage to the "deemed" or "posted" rate, currently 4.64%.
Previously, if you had between 5% to 20% down, and had to get Mortgage Default Insurance(CMHC) you could qualify for a higher mortgage at a low rate of 2.5% to 3%, which allowed you buy a nicer home. You still get the low rate quoted by the lender, you just get a smaller mortgage.
So if you qualified for a 300k home, now you are down to about 250k. If you were thinking of buying a 500k home, now it's 400k. This while, house prices have gone out of sight.
2) All Canadian Taxpayers must report the sale of a home on their tax return, whether or not it's their principal residence. In the past you only reported rental or investement properties.