Open House - The Real Estate and Mortgage Show
Steve Gregory, Frank Napolitano and Paul Rushforth take all of your real estate and mortgages questions. The guys discuss CHMC, why to list your property with a real estate agent when selling your home, among other things.
This week on Open House - The Real Estate and Mortgage Show, Steve, Frank and Paul discuss the popular topic of the CMHC and the effects on the Canadian economy.
The Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. One of the major benefits the CMHC offers Canadians is the ability to enter the housing market with as little as 5% down.
It has been reported that as the CMHC reaches its 600 billion dollar limit on insurable mortgages, the government is looking to turn supervision over to the Office of the Superintendent of Financial Institutions. On this week's podcast, Ottawa Mortgage Broker Frank Napolitano sheds some light on the benefits the CMHC has brought to the economy. In 2011 alone, the CMHC brought 1.53 billion dollars of net income to the Canadian government, and 16 billion in the last 10 years.
Frank also discusses cash back mortgages, which allow mortgage seekers to enter the housing market without a down payment. Those looking to obtain a cash back mortgage should be aware that CMHC fees must still be paid, and interest rates are slightly higher. For more information, contact any of our qualified Ottawa Mortgage Brokers.