I've been thinking about jumping into the real estate market, so lately I've been familiarizing myself with the wonderful world of mortgages. It's not something I take lightly, seeing that it'll probably be a 25 year relationship. I remember a while back the Minister of Finance, Jim Flaherty, announced changes to mortgage rules. This was in an effort to cool down the market. What many people didn't know (myself included) was that the new rules took effect yesterday. I happened to be reading a Globe and Mail article this morning by Michael Babad titled "Almost half of Canadians don't know new mortgage rules" which stated that yesterday was the first day of the new rules. From what I gather, the two main changes are the lowering of the amortization period to a max of 25 years and for those who plan on refinancing, you can only take out 80% equity as opposed to the old max of 85%. Neither one wasn't going to affect me, but it's still good to be on top of all the rules.
If you're looking for more information about mortgages, then you're in luck. This coming Saturday we just happen to be holding an information session titled "Mortgage 101" here at Lillian Smith Branch. You'll be able to find some answers to common questions like:
- What is a mortgage and the different types available
- Terminology (Down payment, amortization, interest, principal, fixed & variable interest rates, equity line)
- A mortgage broker and the major banks: Who is doing what?
- Should you shop for rate or terms?
- The pre-approval process and how to prepare your credit rating in advance
- The Mortgage Act: Your rights and responsibilities
- Mortgage Renewals? Don't just sign them!
- Other costs and factors to consider (mortgage term insurance vs life insurance, recent changes, etc)
- Resources available/Questions & Answers
Space is limited. Please register in person or call 416-393-7746/ 647-404-8857.
Speaker: Omer Quenneville - Real Estate & Mortgage Broker, Graydon Hill Realty Inc.
Of course, if you can't make it to the session, you can always find information in branch or online.
This event is co-sponsored by Citizenship & Immigration Canada, CultureLink and Toronto Public Library.