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As you are all aware there have some changes to the CMHC guidelines. Qualifying Interest rate -For all qualifying loans with fixed rate less than 5 yr and for all variable rate mortgages, regardless of term, the qualifying rate must be the benchmark bank of canada 5yr posted rate. For loans with a fixed rate term of 5 yrs, the qualifying rate is the contract rate. Refinancing Owner Occupied Property The maximum LTV on a refinance of a owner occupied property is 90%. Total Debt Service Formula We are no longer be able to use a 80% rental offset in the TDS formula. If the subject property generates rental income, 50% of the gross rental income can form part of the borrower's gross annual income. Rental income from all other rental properties can be used, but must be verified via NOA's and T1 Generals. You can only gross up the net rental income by 15%. CMHC Self-Employed Simplified Program For purchases or portability transactions, the maximum LTV is being reduced to 90% and refinances will be reduced to 85% Commission income will no longer qualify under the BFS Self-employed Simplified Program If the applicant has been in business for more than 3yr , the customer will NO longer qualify under this program
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Tips & Tricks for Home Buyers:
Buying a home can be a complicated process, so why not get some tips from those who deal with home buying every day?
Your Realtor® is still the best source of information you will find, this section can complement that knowledge with answers to frequently asked questions, articles on a wide variety of topics and even how to get ready for a pre-sale inspection.
Some frequently asked questions from home buyers:
Who holds the deposit when I make an offer to purchase?
It is negotiable between you and the seller. Usually the seller’s brokerage holds the deposit “in trust” for you and the seller.
What is the difference between chattels and fixtures?
Chattels are unattached goods that go with the seller. Fixtures are attached goods that stay with the property. Any chattels you want included must be written into the purchase contract and agreed to by the seller.
Can I withdraw my offer before it is accepted?
In most cases, yes. But check with your REALTOR or lawyer regarding the specifics of your offer.
Can I withdraw my offer after it is accepted?
In most cases, no. Again, check with your REALTOR or lawyer regarding the specifics of your offer.
Do I have to use a lawyer?
It is highly recommended. If you are getting a mortgage, your lender will probably require that a lawyer handle the transaction.
Why should I use a Realtor?
A Realtor® can help you in a great many ways to not only get a better price for your home, but also make the whole process easier. Read more in the "Why Use A Realtor" section. |
Buying Services for Calgary Home Buyers
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Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
Please contact me if you have any questions about buying a home in Calgary or elsewhere in Alberta. |
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Calgary Residential Statistics
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