canadian home question?

May 18, 2008 by llllllllllllllllll | Posted in Renting & Real Estate

my parents owe half the value of their home to the bank...its a LOC at like 6.05%....can they sell the house to me, pocket some tax free profit and rent it from me for say a year or three, and then buy it back from me. they are both high earners, so theyd

If you buy the house from your parents are you going to declare to the lender that the house will be a revenue property? Also do you have the income to cover the complete mortgage? Most lenders will only use a portion of the rental income sometimes up

Jon H | May 18, 2008

If you buy the house from your parents are you going to declare to the lender that the house will be a revenue property? Also do you have the income to cover the complete mortgage? Most lenders will only use a portion of the rental income sometimes up
Jon H | May 18, 2008

Current Mortgage Rates BC Mortgage Broker Lew MacDonald Verico Tailor Made Mortgages

mortgagebrokerskelowna.com Kelowna BC Mortgage Broker and CMHC - First Time Buyer Mortgage Expert Lew MacDonald from Verico Tailor Made Mortgages ...

BMO Canadian Housing Outlook: Tailwinds and Headwinds Point To Soft Landing

30.09.11

TORONTO, ONTARIO, Sep 30, 2011 (MARKETWIRE via COMTEX) -- After a decade of strong growth in the Canadian housing market, residential real estate is headed for a "soft landing" with prices moderating in the months ahead, according to a Special Report from BMO Economics.

Low interest rates have fuelled Canada's housing market in the past decade, pushing prices to new highs in most regions. Sales are now close to their past-decade norm, and well below pre- and post-recession peaks, while residential mortgage demand has also moderated. However, a weaker economy and new mortgage rules have dimmed activity recently.

Source: MarketWatch (press release)

current canadian mortgage rates - Bookshelf


OECD Economic Surveys: Canada 2010
158 pages 		OECD Economic Surveys: Canada 2010

Creator: Organisation for Economic Co-operation and Development, Oecd Publishing | Business & Economics - 2010-09-13
The insurance is provided by the Canadian Mortgage and Housing Corporation (CMHC ), ... The exchange rate has fluctuated significantly in recent times, ...
Publisher: Publications de l'OCDE
Debates, official report Debates, official report

Creator: Canada. Parliament. House of Commons, Its | History - 1987
I do not think there is anything the Canadian Government has done that is responsible for the low mortgage rates that prevail these days. ...
The Canadian housing finance system
47 pages 		The Canadian housing finance system

Creator: Mark Boléat | Business & Economics - 1980
The disadvantage for the consumer is that the mortgage rate in Canada is above other market rates of interest whereas, in Britain, the mortgage rate is ...
Publisher: Building Societies Associat

What you need to know when considering a Fixed vs. Variable ...

by admin

What you need to know when considering a Fixed vs. Variable Mortgage

One of the most common questions I hear as a Broker is “Should I choose a Fixed Rate Mortgage or Variable Rate Mortgage?” – while there is no one standard answer there are several factors that can help determine which one is right for you.  First, it is important to understand there are advantages and disadvantages to choosing either.   Variable mortgages have historically resulted in homeowners paying lower rates but because they are tied directly to the Bank of Canada rate  (which is announced and potentially changed 8 times a year), they are vulnerable to fluctuations which can drive rates down and save you money or drive rates ups and affect how much of your payments are going towards your principal amount owing.  Fixed rates may be higher than variable rates but they are consistent for the term of the mortgage – they are not subject to fluctuations caused by changing interest rates.  Fixed rates are normally recommended for first time home buyers so they can more easily manage their household budgets and mortgage payments without worry.  Before deciding which option is better for you ask yourself a few important questions and always talk to a mortgage professional to evaluate your unique situation and mortgage needs before making a commitment. 

...

Read more...

current canadian mortgage rates - News


BMO Canadian Housing Outlook: Tailwinds and Headwinds Point To Soft Landing
MarketWatch (press release) - Sep 30, 2011
"Regardless of the current low interest rates, it is still important for homeowners or potential buyers to be prudent and stress-test their mortgage against a higher interest rate to ensure they can afford what they signed up for.

BMO: 25 Year Amortization is the Right Mortgage for Right Now
istockAnalyst.com (press release) - Sep 28, 2011
28, 2011) - While the Bank of Canada has been holding the line on interest rates over the last few quarters, the current low interest rate environment is no reason for homeowners to let their guard down when it comes to managing their overall household

Mortgage Survivors Get Bargains as Price-Drop Danger Eases
BusinessWeek - Sep 28, 2011
Buying a $300000 home at current rates means a monthly mortgage bill of about $1158, assuming a 20 percent down payment. Delaying a purchase until next year would put the tab higher, at $1186, based on the MBA forecast for prices and rates.

An economy spinning its wheels, looking for firmer traction
Reed Construction Data - Sep 30, 2011
The same holds true with respect to mortgage foreclosures, painful as they may be. Record-low mortgage rates have provided an opportunity for many homeowners – at least those who've had the sagacity, income or good fortune to hold onto their properties

Real estate positives balance negatives, housing market should remain stable ...
Vancouver Sun - Sep 30, 2011
"Low interest rates have fuelled Canada's housing market in the past decade, pushing prices to new highs in most regions," said senior economist Sal Guatieri. "However, a weaker economy and new mortgage rules have dimmed activity recently.

Call for a free credit repair consultation today (877) 278-5682

Related deals