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Source Mortgage Centre
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We Are Dedicated to the Prosperity of Our Friends!
We Are Dedicated to the Prosperity of Our Friends!

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Canada has updated its mortgage rules again! You may remember reading about this last fall.

To get caught up on all the changes, we've got you covered!

http://sourcemortgage.ca/new-canadian-mortgage-rules/
The New Mortgage Rules
The New Mortgage Rules
sourcemortgage.ca
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There are many reasons we sometimes work with Canadians buying homes outside of Alberta. Often, we’ll work with an Albertan who has an adult child who is moving to a new province, and the parents want to buy an apartment there, either for their own use (usually to visit grandchildren) or for their child’s use (perhaps they’re in university still). Alternatively, they may be financing a home for a parent in another province. https://goo.gl/294isI
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If there’s one thing most people agree on, it’s that it can be frustrating paying rent every month and just letting that money seemingly vanish. Renting has lots of pros — you can get up and move quite easily, you aren’t responsible for appliances when things go wrong, there’s no down payment. But despite what most Canadians think, cheaper monthly payments is not one of the perks of renting. https://goo.gl/kzclpG
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Did you know you can pay 5% down on owner-occupied homes even if you don’t live in the house year round? It’s true! A summer vacation home you only use a couple months each year, a cabin in the mountains you visit for just a week or two, an apartment in the city for the odd weekend— as long as the property is bought for your use and not for renting out, you can purchase it for just 5% down. https://goo.gl/vtdvae
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Why would Canadians buying a home outside of Alberta consider working with us? Well, sometimes these clients are Albertans who have bought a holiday home or cabin in another province. They spend most of their time here in AB, and they want to work with a mortgage company that’s conveniently located close to their primary home. Other times, we have clients who bought their first home with our help, and even though they’re moving to a new province, they’re still in Alberta for now, so they’d like to work with us again. https://goo.gl/P8IQlF
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Most people familiar with Source Mortgage know that we have offices in Central Alberta and Calgary. But while we feel truly privileged to call this beautiful prairie province home, we don’t just work with Albertans! In fact, we’ve financed homes all over Canada, and we don’t plan on stopping now! Nearly all of the lenders we work with exist across this great nation, so whether you’re buying a home here or in Nunavut, we’re here to help. https://goo.gl/H9BkAX
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Remember that if you’re putting less than 20% down, you will need to pay mortgage insurance. If you need the new property to house your parent or kid, the insurance can be worth it. But, if you have 20% saved, you may want to use it to avoid the insurance payments. https://goo.gl/u65TWE
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Renting to own is a great option for many Albertans. If a seller is willing to provide a tenant-buyer with the choice to rent to own, that’s great. But we recommend caution to both sellers and buyers. In particular, be careful of middlemen who report to make the rent-to-own process simple and stress free. While there are undoubtedly some great Canadian rent-to-own companies that are simply trying to help, some are scam artists who will disappear as soon as you’ve paid the fees. https://goo.gl/lQngko
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