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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We’ve all heard the horror stories that can happen if you don’t do your homework when choosing a trades professional. Like the contractor that demoed a kitchen, never to be seen again; or the pool company that accepted a homeowner’s deposit but keeps pushing back the installation date.

We want to make sure these disasters don’t happen to you when you’re looking for assistance with those big renovation projects around your home. Use these 5 tips to help you find the best trades professionals in the Comox Valley that can help with your home renovations – and increase the likelihood of your complete satisfaction!

 

All in Good Time
One of the biggest considerations when hiring professional trades companies is your timeline. Do you need the project…

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