在加拿大
Jan 09, 2008 04:30 AM (ZT)Ellen Roseman Business columnistIf you're buying a home, you should find it easier than ever to get a mortgage.While the U.S. mortgage market is troubled, Canada's mortgage market is still healthy, competitive and innovative.Several changes introduced last year make it easier for buyers with a good credit record to move into their dream homes more quickly.But don't take all the financing you're offered just because you qualify for it. Some mortgage products are too expensive and benefit lenders more than borrowers.You can now pay off your mortgage over 30 to 40 years, instead of up to 25 years as before.This allows you to reduce your monthly payments or buy a bigger house for the same monthly payment. "A surprising number of existing homeowners are looking at this as an opportunity to purchase `more house' while leaving their monthly payments unchanged," says mortgage broker Elisseos Iriotakis, a principal with Safebridge Financial Group.Extending the mortgage amortization to 30 to 40 years doesn't mean locking in an interest rate for that long. You can get a fixed rate for up to 10 years ? though most borrowers opt for five ? after which you must renew the mortgage. This means negotiating with your current lender or switching to a new one.You can now get a conventional mortgage by putting down 20 per cent of the purchase price. Until last year, you needed a 25 per cent down payment to avoid a "high-ratio mortgage," one that was insured against default by the Canada Mortgage and Housing Corp. or Genworth Financial Canada.Mortgage default insurance protects the lender from losses in case the loan is not repaid. If you have a down payment of 20 per cent or less, you must pay an insurance premium ranging from 1.75 per cent to 3.1 per cent of the loan value. This premium is usually added to the total mortgage amount and spread over the same repayment period.Those with low down payments can get a mortgage without default insurance from some non-bank lenders. However, they pay a much higher interest rate and extra administrative fees.Mortgage insurance is no longer dominated by two players, CMHC and Genworth.AIG United Guaranty, a subsidiary of New York-based American International Group Inc., made a splash when it came into Canada's mortgage insurance market last year. AIG offers new options, such as a product for buyers who can put down only 3 per cent of the purchase price. The payments can be spread over 30 to 40 years.Cash-strapped borrowers once needed a 5 per cent down payment to get the same flexibility. Though insured "no money down" mortgages are also available, they require a higher credit score and higher fees.AIG's 3-per-cent-down mortgage insurance product is attractive to people buying in Toronto, says mortgage broker Ann Pope-Todd of Assured Mortgage Services. "Because the city imposed a new land transfer tax ... many people don't have a 5 per cent down payment," she says.You can now qualify for a low-down-payment mortgage if you're self-employed or work on commissions. CMHC has introduced self-employed simplified insurance, which allows you to buy a home with as little as 5 per cent down. And you don't have to hand over your tax returns for the last few years to qualify."A self-employed person used to need a down payment of 15 per cent to 25 per cent to get a conventional mortgage from a bank," says Bill Nugent, a broker with Mortgage Intelligence in Newmarket.Self-employed simplified insurance is available for mortgages with a payback period of up to 40 years.You can now qualify for a mortgage if your total debt load is more than 40 per cent.When looking at whether you can afford to buy a house, lenders look at the gross debt service (GDS) ratio. Monthly housing costs, including mortgage, property taxes and heating, shouldn't exceed 32 per cent of gross household income.They also look at the total debt service (TDS) ratio, which takes into account debts such as bank loans, car loans and credit card balances. If your total debt load exceeded 40 per cent of your monthly gross income, you used to be turned down when applying for a conventional mortgage. Today, many lenders will give you one if your total debt load is 42 per cent of household income. Some go up to 44 per cent."The thing that gets missed is that these are maximums," says John Schipper, president of Mortgage Intelligence Inc. He believes lenders should require borrowers to do a monthly budget for a realistic view of their income and expenses.Schipper is also concerned about the longer payback periods."My daughter is 23 and wants to buy a condo. I'd suggest a 40-year mortgage. I see a place for them if they're effectively managed," he says. "But they can be used by unscrupulous lenders or brokers. Say, offered to 50-year-olds."When you stretch out the mortgage payments for so many years, your total costs are much higher.Suppose you buy a $375,000 house, put down $75,000 and take out a $300,000 mortgage at 5.99 per cent (the lowest current five-year rate).You'll pay almost $784,000 with a 40-year mortgage, compared with $575,000 on a 25-year mortgage (assuming the rate stays the same).That's more than $200,000 in extra costs ? and for what? By extending the payback period, you'll save only $285 in your monthly payments. You could get the same bang for the buck ? about $9 a day ? by bringing your own lunch to work or taking public transit instead of your car.Will Dunning, a housing economist in Toronto, believes Canadians "borrow conservatively, especially for homes," and there's no danger yet of Canada heading down the same road as the U.S."The mortgage arrears rate is remarkably low," he says. "It's the lowest in a decade."
评论
Delight In Simple Pleasures![SIGPIC][/SIGPIC]回复: 这是好事?坏事?40-year mortgages have arrived"The mortgage arrears rate is remarkably low," he says. "It's the lowest in a decade." 银行们都是在忽悠, 我自己算过十年平均的Prime是5.44%,现在是6.0%. 高于10年平均值的. 现在只能是能够承受的利率吧, remarkably low有点蒙人啦.这是看大家买不起房子,才推出40年的猫给鸡,银行家多卖Mortgage,好多赚钱让社会承担风险. 在美国为了卖房, 买主可以每年只付利息的,甚至可以低于利息,让本金每年增长,都在期望房价持续上升. 现在房价跌了,一个个都傻眼了.08年房价的走向现在看不出来的,等到3-4月份看经济的运行情况,才能知道.
评论
坛子里有一些喜欢做新移民生意的RESP经纪，大家要小心他们的言行误导。详见拙作http://www.canadameet.com/bbs/showthread.php?t=241498"The mortgage arrears rate is remarkably low," he says. "It's the lowest in a decade." 银行们都是在忽悠, 我自己算过十年平均的Prime是5.44%,现在是6.0%. 高于10年平均值的. 现在只能是能够承受的利率吧, remarkably low有点蒙人啦. 这是看大家买不起房子,才推出40年的猫给鸡,银行家多卖Mortgage,好多赚钱让社会承担风险. 在美国为了卖房, 买主可以每年只付利息的,甚至可以低于利息,让本金每年增长,都在期望房价持续上升. 现在房价跌了,一个个都傻眼了. 08年房价的走向现在看不出来的,等到3-4月份看经济的运行情况,才能知道.点击展开...学习~~现在是不是房市交易有点凉啊?所以~~~~
评论
Delight In Simple Pleasures![SIGPIC][/SIGPIC]现在是不是房市交易有点凉啊?所以~~~~点击展开...我不认为是the only reason， 因为这个政策推出来，就要延迟用下去了，不是说房产市道好了，就收回了。我看是跟大经济的趋势有关，跟这一代人的消费习惯有关。
评论
回复: 这是好事?坏事?40-year mortgages have arrived关于商品:买的没有卖的精.
评论
GIVE HONORS WHERE HONORS TO.TO BE KIND IS MORE IMPORTANT TO BE STRICT.我不认为是the only reason， 因为这个政策推出来，就要延迟用下去了，不是说房产市道好了，就收回了。我看是跟大经济的趋势有关，跟这一代人的消费习惯有关。点击展开...可否分别比较一下20年和40年还款的优缺点?
评论
Delight In Simple Pleasures![SIGPIC][/SIGPIC]可否分别比较一下20年和40年还款的优缺点?点击展开...最简单的一点就是，贷款本身就是“先花未来钱”。有一部分人的观点就是，节食少花，早清贷款。这个是所谓“先苦后甜”类的人，他们自然就比较合适短期的。另一部分人的观点是，每一天都是平等的，为什么我要牺牲今天的享受，去为了明天不可知的而贡献。这部分人，就喜欢长期的贷款，尽管所付的利息是很多，但对他们来说，钱，只是一个数目，每一天生活的本质，才是主要的。这个也就是银行会推出不同的选择给用户的原因了。
评论
回复: 这是好事?坏事?40-year mortgages have arrived嗯~~~~~~~~~
评论
Delight In Simple Pleasures![SIGPIC][/SIGPIC]可否分别比较一下20年和40年还款的优缺点?点击展开...it depends. just choose a better one suits you.
评论
回复: 这是好事?坏事?40-year mortgages have arrived对于“买房自己住”的刚性需求来说，只要买得起住得上，别的都无所谓。20年也好40年也罢，都是寅吃卯粮的金融手段，有几个人能Pay-off买房子呢？不是没那个经济能力么，所以能用啥就用啥了。还有一条，就是咱们绝大部分中国人的传统观点，那就是买房子是大事不得了的大事，一旦还不上贷款简直是天塌地陷，其实不然，万一交不起了就卖了嘛，实在不行就破产嘛，还能饿死人不成？
评论
回复: 这是好事?坏事?40-year mortgages have arrived可否分别比较一下20年和40年还款的优缺点?点击展开...Suppose you buy a $375,000 house, put down $75,000 and take out a $300,000 mortgage at 5.99 per cent (the lowest current five-year rate).You'll pay almost $784,000 with a 40-year mortgage, compared with $575,000 on a 25-year mortgage (assuming the rate stays the same).It is quite clear here. However, if you don't have a good income to pay every month, 40-year mortgage will be a good news.
评论
***感恩之心让生活变得简单轻松*** Better Happy Than Rich.对于“买房自己住”的刚性需求来说，只要买得起住得上，别的都无所谓。20年也好40年也罢，都是寅吃卯粮的金融手段，有几个人能Pay-off买房子呢？不是没那个经济能力么，所以能用啥就用啥了。 还有一条，就是咱们绝大部分中国人的传统观点，那就是买房子是大事不得了的大事，一旦还不上贷款简直是天塌地陷，其实不然，万一交不起了就卖了嘛，实在不行就破产嘛，还能饿死人不成？点击展开...
评论
回复: 这是好事?坏事?40-year mortgages have arrived我们老公讲贷款19年我不懂，怎么还有19年的
评论
人生不过是行走的影子我们老公讲贷款19年我不懂，怎么还有19年的点击展开...一般都是25年
评论
回复: 这是好事?坏事?40-year mortgages have arrived我听说还有一辈子买房三辈子还的，那得多少年啊？肯定不止40年了吧？
评论
回复: 这是好事?坏事?40-year mortgages have arrived我听说还有一辈子买房三辈子还的，那得多少年啊？肯定不止40年了吧？点击展开...那样就划算了,钱都贬值了!
评论
Delight In Simple Pleasures![SIGPIC][/SIGPIC]那样就划算了,钱都贬值了!点击展开...有道理，要是有人三辈子前给我买个大房，那时候估计不到一万块一个豪宅，现在还猫给鸡也行啊。
评论
坛子里有一些喜欢做新移民生意的RESP经纪，大家要小心他们的言行误导。详见拙作http://www.canadameet.com/bbs/showthread.php?t=241498有道理，要是有人三辈子前给我买个大房，那时候估计不到一万块一个豪宅，现在还猫给鸡也行啊。点击展开...
评论
Delight In Simple Pleasures![SIGPIC][/SIGPIC]回复: 这是好事?坏事?40-year mortgages have arrived猫给鸡，很形象啊，嘿嘿~
评论
[FONT=宋体]Go, China![/FONT]回复: 这是好事?坏事?40-year mortgages have arrived20年，使劲干给银行打工20年。40年，不用太使劲给银行打工40年。或五十步笑百步。或朝三暮四。
·中文新闻 维多利亚州 CFA 首席官员“感谢”紧急服务人员
·中文新闻 维多利亚州消防员在全州面临“绝对挑战”
