New Mortgage Policies: Making Homes More Affordable…or is it?

admin Buyer

The Canadian government has announced new mortgage policies that will take effect on December 15, 2024. These changes are designed to help first-time homebuyers and current mortgage holders: For Insured Mortgages (less than 20% down payment): The maximum purchase price will increase from $1 million to $1.5 million. The maximum amortization period extended from 25 years to 30 years for …

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What happen when my mortgage hits trigger rate?

Steven Ho Buyer

What is Mortgage trigger rate? A trigger rate is when your interest portion exceeds your mortgage payment. It only applies to variable-rate mortgage holders that are on a fixed payment schedule. Calculate your trigger rate is to use the following formula: (Payment amount X # of Payments per year / Balance owing) X 100 = Trigger rate in per cent. …