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Found 2 blog entries tagged as "mortgage comox valley".

On July 1st, 2020 The Canadian Housing Mortgage Corp. (CMHC) executed their announcement to change the borrowing rules for homebuyers. If you’re in the market to purchase Comox Valley real estate and especially if you’re a first time home buyer, you’ll want to review these changes that may have impacted you directly. Here’s a closer look at the CMHC changes – and some tips to help you get organized for obtaining a mortgage pre-approval:  

 

Understanding Debt Ratios
Gross Debt Servicing Ratio (GDS) and Total Debt Servicing Ratio (TDS) are the two key metrics used to qualify you for a mortgage. GDS is calculated by totaling your estimated housing costs and dividing it by your gross annual income. TDS is calculated by totaling your GDS with other…

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Building secondary suites is becoming increasing popular in new builds on Vancouver Island. In most new constructions, we are seeing secondary suites included as the norm, and buyers are starting to expect them! With higher housing prices, renting out a suite helps homeowners pay off their mortgage, easing the financial pressure of home ownership. As well, this can enable the homeowner to reside in a more desirable neighborhood or location to live; one they would not otherwise be able to afford. And those first-time home buyers? Every little bit helps!

What about older homes? We’re even seeing long time homeowners who have become empty nesters with too much space: building a secondary suite is a great option to provide extra income and security that…

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