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Edmonton Mortgage and Dominion Lending Centres

Todays Date: December 16, 2018

Just as the United States is going through a real estate crisis, so is Canada. However, the good news is that Edmonton banks are finally offering mortgages again, but with a sharper eye than before, as they look the properties over carefully, as well as the borrower. This is a good time to get a mortgage however, for interest rates are extremely low, and it is said that the housing market has bottomed out, thus if this is your first foray into home ownership, youve come along at a great time, to get a home for the lowest price, and a mortgage for the lowest interest rates.

Interestingly enough, if your credit is good, there are still 95% financing deals available. The government has phased out their 100% loans. All this means is that you do not need to put any additional money down, after the 5%, except for attorney fees, and such!

Furthermore, government guaranteed mortgages are also still available for Edmonton mortgages even though a few rules have changed. For example, there is now a minimum credit score requirement in addition to a 5% down payment. The maximum amortization period has also been reduced to 35 years instead of 40, but as you can see, none of these changes are deal breakers.

All of this was created in order to keep Canadians from seeing the awful mess that citizens of the United States are seeing now. Contrary to what the United States is feeling, the housing bubble has not truly burst in Canada, especially in Edmonton, mostly due to careful mortgage lending in the past.

The Canada Mortgage Housing Corporation (CMHC) mortgages offer many flexible financing tools and options, such as extended amortization periods, and the single advance plan as well as progress advances are available. Also do not ever forget that those mortgages offer portability for your next home should you have to move! Also, remember that you will be given a break for purchasing an energy efficient home in Edmonton.

There is more good news in the mortgage market. In June 2009, residential starts across the Canadian nation actually rose for the second month in a row in June. Housing starts have basically come to a complete halt in the United States, thus this is good news indeed.

The Canada Mortgage Housing Corporation reports in regard to senior housing, that the overall vacancy rate for a standard units in retirement rental homes across Alberta stood at 5.9 per cent in 2009, and the average rent for a standard retirement home unit was $2,334 per month in Alberta in 2009. Again this is an excellent comparison to what is happening to our Southern neighbors in the United States.

We do however have one thing in common with our southern neighbors in that we also have access to hard money lenders in Edmonton. In fact, it is common knowledge that these lenders have been freeing up a considerable amount of cash in recent times and as a result, mortgages are now available but they come with a loan to value ratio of approximately 70/30 which of course is quite expensive, both in terms of interest and points. For this reason, unless you have been refused a mortgage by the banks, you would be well advised to avoid such private lenders altogether.

Sheldon Moylan is a Genius at finding an Edmonton Mortgage and if you need a Edmonton Mortgage Broker he is the person to email.

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