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Mortgage Bytes

  • Self-Employed-Mortgages Self-employed? CMHC’s Self-Employed Simplified program lets you buy a new home with only 5% down.  If your credit is good, you’ll get fully discounted rates and up to a 40-year amortization.  Very little documentation is required but you’ll need at least 2-years of the same type of employment. E-mail us or your favorite mortgage planner for details.
  • Reliant Home Mortgage has suspended it’s 55-year amortized mortgage due to financing challenges brought on by the subprime lending crisis.
  • Mortgage interest costs have jumped 6.1% in the past year.
  • “The really good thing about Canada is we still grant credit based on the person’s capacity to pay, which was one of the problems in the U.S.” – Catherine Adams, VP, RBC Financial Group via the Globe & Mail