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When you are looking for a Canada Mortgage loan,
you should be aware of changes CMHC made to their high
ratio mortgage insurance programs on Oct 8, 2008.
Previously, CMHC would allow for 100% financing
and a 40 yr amortization. 100% financing means that
you don't need to put down a downpayment. And 40
year amortization means that it will take 40 years for the
mortgage to be paid off, with the prescribed monthly
payments.
The new
rules state that to get a Canadian mortgage, you must have
a 5% downpayment and the maximum amortization period will
be 35 years.
With a Canada
home mortgage, through CMHC, the good news is
that it is still a pretty good program, and as long as you
have 5% down, decent credit and a steady job, you will
have a good chance to qualify for this Canada
easy mortgage program.
For the lowest cost Canada
loan secured, click
here.
Other
articles of interest are Canada
debt consolidation loan and Broker
Canadian loan
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