Mortgage vs. HELOC
Couples and individuals who are trying to obtain or renew a mortgage should know how the mortgage process works, as well as the recent changes in mortgage laws. This will make for a smoother transaction for everyone involved.
One of the first steps in the mortgage process, whether it's a first mortgage or a mortgage renewal, is to get qualified for the mortgage. Bankers and mortgage lenders in Canada use four factors to determine eligibility.
As of July 2012, the Canadian government, in an attempt to stabilize the Canadian housing market, implemented some new laws and rules regarding Canadian mortgages. It's important to know how these laws, which affect both new mortgages and refinances, will affect your financing options.
According to HuffPost Business in Canada, the Canadian housing market is stronger than ever and will continue to remain stable throughout 2014. The Internet is playing a large part in the real estate market and helping to educate homebuyers with what options are available. While this may hurt the traditional real estate agencies, it adds competition so consumers have access to the best possible deals.
Financial Post reports that despite the fact that some housing markets in Canada are overvalued, sales and prices will continue to be attractive for potential homebuyers this year. As of February 2014, sales were up 2.1% over what they were a year ago, and that trend is predicted to continue throughout the year.