|
 |
|
 |
Flexible Financing Options
As Canada’s national housing agency, CMHC is uniquely positioned to offer you a range of financing options to ensure you have access to a wide choice of quality, affordable housing.
CMHC Flex 100
CMHC Flex 100 product makes it possible for Lenders to provide eligible borrowers with financing of up to 100% of the home’s value. The product is available only for those borrowers who have a proven track record of managing their debt and the financial capacity to repay the mortgage, but who have not yet saved a 5% down payment. This new product will be available effective November 17, 2006.
Interest Only Homeownership Product
CMHC's interest only homeowner mortgage insurance product is designed to allow lenders to provide borrowers who have a strong history of responsibly managing their credit, with flexibility in repaying their mortgage loan. Similar to CMHC's existing Line of Credit product that has been in the marketplace since 2003, qualified borrowers will be able to pay interest only for the first 10 years of their mortgage. Following the interest only period, principal and interest payments will begin and will be sufficient to ensure the balance is paid in full within 25 years of the date the mortgage was originally initiated.
Helping Newcomers to Canada Feel at Home
Newcomers to Canada with permanent resident status continue to have access, through their Approved Lender, to all CMHC Homeowner Mortgage Loan Insurance products without any additional borrower eligibility requirements irrespective of the length of time the borrower has been in Canada.
CMHC’s Refinance
Open the door to a full range of financing options with CMHC’s Refinance product. Your lender may now be able to help you refinance your home for up to 95% of the market value to a maximum of $150,000 of additional funds ($200,000 for loans up to 90% of a home's market value). These funds can be used for any purpose other than default management.
CMHC-insured Line of Credit
Enables your lender to provide you with access to up to 90% of the value of your home either at the time you purchase or when you want to refinance. You have the flexibility to draw funds as often as you wish (up to your maximum credit limit) — and equally important — to prepay without penalties over the life of your loan, as often as you like, and you have 25 years to repay the entire amount.
CMHC’s Flex Down
Own your own home sooner by using a wider range of sources for your down payment. If you have a proven track record of meeting your debt requirements and sufficient income to support mortgage loan payments, your lender may be able to provide you with CMHC’s Flex Down product. Sources for your down payment can include: borrowed funds, gifts and lender cash back incentives.
Purchase Plus Improvements
Found your dream home? Want to renovate it? With CMHC’s Purchase Plus Improvements, you can work with your lender to finance the cost of renovating by increasing your mortgage, up to 95% of the “as improved” value.
Energy Efficiency Pays!
Save 10% on your premium — if a CMHC-insured mortgage is used to buy an energy-efficient home, or to renovate a new or existing home with the intention to making it more energy efficient, you may also have the option of extending the amortization period for an additional 10 years.
Second Home
Understanding that changing lifestyles affect the decisions you make on how and where you live — CMHC offers mortgage loan insurance on the purchase or refinance of a second home. This home can be located anywhere in Canada, provided it is not an investment property, and must be suitable for, and available for year-round occupancy.
Self-employed
Borrowers have easier access to mortgage loan insurance than ever before with no additional fees or premiums because CMHC has improved its employment verification requirements for self-employed borrowers.
Please check with your lender for the qualifying criteria and availability of these innovative products within their product offerings.
Return to: CMHC Mortgage Loans
or
CMHC Main Menu
or
Mike's Home Page
Mike has answers to your questions and more professional tips to make your real estate transaction more pleasurable.
Call or e-mail Mike or click on "Ask Your Own Questions."
Mike can send you information on any Property For Sale on the Multiple Service in the Ottawa area. If you would like him to help you locate a home, please fill out his Information Request Form.
Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Mike can also help, just fill out his Would like an address form, please !
Or perhaps you are considering selling your home in the near future, he can also offer you a Free No-Obligation Market Evaluation Form.
|
© 2007 Mike Hider . com All Rights Reserved
This is not the official web site of RE/MAX metro-city realty ltd.
Designed and maintained by: John Smillie / Lasting Impressions |
|
