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CMHC’s NEW UNDERWRITING CRITERIA: What Changed and What it Means for Home Buyers The Canadian Mortgage and Housing Corporation (CMHC) has implemented new underwriting criteria (eligibility requirements) to apply for homeowner transactional and portfolio mortgage insurance. Introduced earlier this summer, these new  adjustments  from CMHC come as a precaution while the COVID-19 pandemic continues to  impact consumers in the real estate market  and many other aspects of day-to-day life. The following changes have been made: The maximum Gross Debt Service (GDS) ratio is now 35% with no exceptions ( previously, 39% GDS ratios could be approved under special circumstances ). The maximum Total Debt Service (TDS) ratio is now 42% with no exceptions ( previously, 44% TDS ratios could be approved under special circumstances ). The minimum credit score required for at least one borrower is now 680 ( previously 600 ). Non-traditional sources for down payments that increase inde...

During the first major stay-at-home event that most of us have experienced in this country, a pool can give you and your family enjoyable recreation without leaving the home.   For those without a pool, the NPD group reports that the Covid-19 pandemic has increased pool building by 161% this year. When your children are small, pools become a magnet for not only your children but their friends as well.   It can also be a great place for the summer holidays, Memorial Day, 4 th of July and Labor Day.   Any day during the summer, especially on the weekends, can be an opportunity to enjoy the pool, cook outside and bask in the sun. Some of you may have even made the transition from your children enjoying the pool to your grandchildren.   Usually, there is an interim where you may have wished that your home didn't have a pool so you would not have the maintenance and required upkeep.   Then, the new generation of family starts using it regularly and again, you a...

CREATE THE HOME OFFICE OF YOUR DREAMS Whether you work full-time at home or occasionally need to conduct business in the evenings or on the weekends, a home office a great way to utilize an extra room. A dedicated workspace in your home can be designed to increase productivity and comfort. Here are 5 ideas to get you started. Invest in a good office chair. Investing in an ergonomic office chair is essential. You may be spending anywhere from 30 to 50 hours a week sitting in it, so your back will thank you. Purchasing one with multiple adjustments is ideal so it fits you just right. Switch up your lighting. Fluorescent lighting has been proven to be hard on the eyes. Make the switch to LED or halogen light bulbs in your home office and try to let in as much natural light as possible. Also, consider finding a desk lamp to reduce headaches and eye strain. Keep essentials in reach and organized. Nothing says productivity like a clean, neat workspace. Select a desk with a lot of storage ...

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Three reasons to refinance a home include lowering the cost of housing, shortening the term of the mortgage to pay it off sooner or to using the equity to accomplish another purpose. Replacing the mortgage at a lower interest rate, which is entirely possible in today's market, would reduce the payment.   On the other hand, shortening the term of the mortgage could make the payments increase but would allow the home to be paid for sooner.   In either case, the equity would not be reduced unless the refinancing costs were rolled into the new mortgage. Refinancing the home to take money out would increase the mortgage on the property and lower an owner's equity; careful consideration should be made before doing so. Mortgage rates are considerably lower than credit card rates and usually lower than short term borrowing like student loans or car loans.   For that reason, homeowners will sometimes refinance to payoff higher cost debt. Some people refinance for more than...

  Keeping Pets Safe During a Move | Blog | HomeKeepr Moving day, just imagine it: The sun is shining, the weather is just perfect, and you're about to close one chapter and open a brand new one. There's so much possibility ahead! Although it may be exciting and full of promise for you, moving can be a terrifying event for your pets, even if you're just moving down the street.

The soothsayer in Shakespeare's Julius Caesar issued his famous warning "Beware the Ides of March."   Who knew that in 2020, around the middle of March, the world, as we knew it, would force such dramatic changes on us from the Coronavirus. In America, it has brought our economy to its knees as we sheltered in place for over four months.   During this time, changes have affected our lives and many of those changes could be permanent. Previously, smaller homes were becoming the trend for not only efficiency but upkeep so owners would have more time to do things including travel.   Now, travel is minimal and our world, in some respects, is reduced to our home. For families with children, their home has become a school.   With so many people working from home, it has become our office or store or studio.   If there is more than one working adult in a home, it needs to have space for each party to work.   The home fitness industry is experiencing record s...

Three Home Features Expected To Be In Demand After COVID-19

THINGS HAVE CHANGED The soothsayer in Shakespeare's Julius Caesar issued his famous warning "Beware the Ides of March."    Who knew that in 2020, around the middle of March, the world, as we knew it, would force such dramatic changes on us from the Coronavirus. In America, it has brought our economy to its knees as we sheltered in place for over four months.    During this time, changes have affected our lives and many of those changes could be permanent. Previously, smaller homes were becoming the trend for not only efficiency but upkeep so owners would have more time to do things including travel.    Now, travel is minimal and our world, in some respects, is reduced to our home. For families with children, their home has become a school.    With so many people working from home, it has become our office or store or studio.    If there is more than one working adult in a home, it needs to have space for each party to work.    ...