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How to know the maximum mortgage amount to which you are entitled?

To know the maximum amount of mortgage to which you are entitled, you must differentiate between the maximum that you can repay and the maximum amount allowed by the government and the banks. In fact, just because a bank is willing to lend you $ 400,000 does not mean that you are actually able to make the payments. You must take into account certain factors and especially your lifestyle. In the first place, you must establish your budget as accurately as possible. Here are some links to help you make your budget:   Calculate your current budget   ...

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How to take advantage of the CMHC portability option?

Annabelle and Jean-François own a condominium. With a third child who will be born in 6 months, the place is running out. They will therefore move to a larger home. Will they be able to take advantage of the portability option of Canada Mortgage and Housing Corporation (CMHC)? What is the CMHC portability option? First, remember that an owner must pay mortgage insurance if he provides a down payment of less than 20% of the selling price of the house. With the transferability option, moving borrowers can transfer CMHC mortgage loan insurance from their current property to another. Depending on the...

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