Can you someone guide what is the new mortgage rules and how it is going to affect new buyer and existing home owner who are looking to get the existing home re-financed.

Considering for existing home 50 % only refinancing needed and new home with 20-30 % down payment.

Is it good to go to provincial regulated lenders instead to the six banks as they are not affected by the OSFI changes e. g. Credt Union etc. and get more financing at better rates

Any help that distinguishes between provincial regulated lenders and banks would be much appreciated.

Thank you,

It might seem unreal to follow the Feds STRESS** Rule to apply for a HOME Mortgage applicant. But for these lenders to exist in the business as a lender, they have to bend backward to stay in it and also provide you with one here in Ontario. Please read the same from the links provided and if you do have time also read the additional materials provided to get to know a lot more just to get a grasp of the situation.

There was a Prime Minister by name JOE WHO wanted to give a break to the Home Owners with a Mortgage Interest Deductions for their home mortgages on their Income Tax System, just to help us all out. He was flushed out. Every other country provides you with a break here and there for home ownership or with a housing allowance. But NOT in CANADA. Strange, but it is true.

Now to give you a brief outlook, here in Canada they just want you to live like a Common JOE and not go overboard and live high on the hog. So, if you decide to buy a Million Dollar Home, they say NO-WAY Jose, you have to prove that you now Qualify for it. Most of us want to buy a house slightly expensive and larger than we really need or can afford by throwing in 20% down payment and get out of paying the required CMHC Mortgage Insurance and we take out a mortgage from a lender who will give you a Mortgage Loan on that property and live happily ever after.

NO, they say now..!! How come..!! Because people from Affluent Nations are walking into Canada (with tonnes of money) and buying properties on a speculation basis and start to flip them and make a few bucks. How come? Because of the shortages in the new construction and the demand has outstripped the supply. Each and Every year there are 100,000 Families are entering Canada to settle down. A few of the years it was even more. They have formed a group and they use a system called FLIP and make money. Is it possible? Who Cares, you and I are stuck in the middle with no way of buying a decent property and so, we get into Condos. There are too many hoops and loops to jump through, just to qualify for a mortgage today. Now I also say 'Hell with owning a Home' just live in a room and get by. Some kids stay with their Parents or in a Basements and cut corners and get by. A few even put off getting Married. All of these are signs of times. So, be a witness to it.

Back to the subject matter., So, what are all the Qualifying Factors? You will have to see the FORMS that you fill and what they ask for in them, which is your Income and Expenses in them and get to know how they use them in their Calculations and call it your Qualification. So, I will give you a link and you read the same and play with the figures to get to know the same. Also see how they use these figures, which will tell you how you can manipulate them to suit you.

Will this information help? NO. A capital NO. So, after you read it, you can fire away your volleys for everyone to answer. How is that for help?

Just to let you know..: If you own a house you will spend TWICE as much as you RENT. So, start with that as the basis and work with it. If your RENT equals the TOTAL of all of the expenses, plus a small amount for FIXING unexpected items, then BUY TWO homes. That's the way to go. Tell me how and I will hop in on the Band Wagon too.

Good Luck.

FH.

https://www.savvynewcanadians.com/how-much-house-can-i-afford/
LINK.


Today the links don't want to provide me with proper WEB Pages.
https://www.thebalance.com/lower-monthly-mortgage-payment-453817

http://www.financialpost.com/executive/global-business/your+mortgage+lower+your+bill/2598346/story.html

http://www.financialpost.com/your+mortgage+lower+your+bill/2598346/story.html
http://www.financialpost.com/your+mortgage+lower+your+bill/2598346/story.html

https://www.thestar.com/news/canada/2017/12/14/100-years-of-canadian-income-taxes.html

SMITH MANOEUVRE
https://edrempel.com/smith-manoeuvre/?gclid=Cj0KCQiAtJbTBRDkARIsAIA0a5O_PXV7DFcY_AmNzEJ8G06uBv4-bpkciyhJ2hqUpltaLvrQhhILMvYaAoKbEALw_wcB

IF YOU HAVE THE TIME TO READ AND THE ABILITY TO UNDERSTAND, THEN, PLEASE READ IT SOME TIME.:
https://www.ctf.ca/ctfweb/Documents/PDF/1998ctj/1998CTJ1_Frankovic.pdf

FH.

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Originally posted by Heart Stealer

Can you someone guide what is the new mortgage rules and how it is going to affect new buyer and existing home owner who are looking to get the existing home re-financed.

Considering for existing home 50 % only refinancing needed and new home with 20-30 % down payment.

Is it good to go to provincial regulated lenders instead to the six banks as they are not affected by the OSFI changes e. g. Credt Union etc. and get more financing at better rates

Any help that distinguishes between provincial regulated lenders and banks would be much appreciated.

Thank you,

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