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What is CMHC Mortgage Insurance? Jonathan Fung Mortgage Specialist Explains!

CMHC Mortgage Insurance Explained by Jonathan Fung Vancity Mortgage Specialist! What is CMHC Mortgage Insurance? To answer this question, I recently met with Jonathan Fung, a mortgage specialist with Vancity who was kind enough to discuss CMHC mortgage insurance with us. What is CMHC Mortgage Insurance? CMHC stands for Canada Mortgage and Housing Corporation, which is a Crown Corporation owned by the Federal Government. One of CMHC's core functions via its Mortgage Insurance is to assist illegible buyers purchase a home in Canada with less than a 20% down payment. Lenders and Financial Institutions view property purchases with less than…

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July 2012 Canadian Mortgage Rules! 25 Year Amortizations for Insured Mortgages Only & CMHC Insurance for Homes over a Million Gone!

New Canadian Mortgage Rules Come Into Effect July 9 2012 Federal Finance Minister Jim Flaherty recently announced major changes to Canada mortgage lending rules. This move continues the theme of the 2011 mortgage rule changes were the Federal Government does a focused cooling of the housing market without resorting to raising interest rates which would have a negative impact on the overall economy. What are the Changes in Canada's Mortgage Rules? The four major changes effective July 9, 2012 are as follows: 1) 25 Year Amortizations Only for Insured Mortgages - CMHC will no longer insure mortgages with an amortization longer…

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New 2011 Mortgage Rules and Real Estate in Vancouver with Mike Stewart & Jessi Johnson Part 1 of 3 Amortization!

 The New 2011 Department of Finance Mortgage Rule Changes and Real Estate in Vancouver Canada's Department of Finance, which oversees and regulates Canada's mortgage market which has a huge impact on Real Estate in Vancouver has enacted a new series of measures to cool the property market across Canada. The changes announced on January 17, 2011 are designed to allow the government to cool the Real Estate Market without affecting the overall economy by raising the Bank of Canada's Prime Rate. Call in the Expert! As I am Realtor and not a Mortgage Broker, so I called in the…

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