Tecumseh, ON Real Estate News

By Mark Tesolin, Complete Source for Windsor Real Estate
(Remax Preferred Realty Ltd.)
The Canadian mortgage market has been free of the drama characterizing the US stage due its more conservative lending practices.   To save Canadians from the traps of no money down mortgages, the government banned both 100 percentage mortgages and 40 year terms "to reduce the risk of as US-style housing bubble in Canada." Mortgage brokers, however, claim that the rules can easily be sidestepped. According to Innis mortgage broker Paula Siemens, borrowers have several ways around the new rules. •·         They can use a non-Canadian bank. US Bank Wells Fargo makes 100% loans available to Canadians. •·         They can borrow the down payment to comply with Canadian banking rules that allow loans up to 95% of the mortgage balance.  The loans might come from friends or family or lines of c...
Comments 2
Explore Tecumseh, ON
Tecumseh, ON Real Estate Professionals