Canadian Post-Financial Crisis Mortgage Rules and Regulations – and How Mortgage Brokers Can Help You Navigate Them:

A growing number of Canadians are using non-traditional financiers to get a mortgage instead of refinancing or getting a new mortgage with a bank or other financial institution. This is unwise, because non-traditional lenders charge higher interest rates, have fewer consumer protections and shady practices. What are the new rules and regulations that are driving people to use non-traditional mortgage providers? And how can the best Red Deer mortgage brokerhelp you find a good deal on a mortgage despite the new rules?  Also if you’re looking for a mortgage in the Red Deer area features two of the most talented mortgage brokers Red Deer has to to offer.

Home buyers must have a cash down payment of at least 5% of the purchase price. They can raise this cash from gifts from relatives, cash withdrawn from credit cards or separate loans – but these sources are subject to approval by the mortgage lender. A Calgary mortgage broker can help you find lenders that will accept your down payment sources.

If the property is non-owner occupied, such as a second home or rental property, a minimum 20% down is mandatory per the federal guidelines. The CMHC no longer provides mortgage insurance on second homes at all. A mortgage broker can help you find financing for rental properties and second homes that most will no longer touch.