{"id":3692,"date":"2018-06-15T07:26:58","date_gmt":"2018-06-15T07:26:58","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=3692"},"modified":"2021-04-01T06:49:44","modified_gmt":"2021-04-01T06:49:44","slug":"do-you-know-many-canadian-renters-could-qualify-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/do-you-know-many-canadian-renters-could-qualify-for-a-mortgage\/","title":{"rendered":"Do you know Many Canadian Renters Could Qualify for a Mortgage?"},"content":{"rendered":"

Matrix Mortgage Global \u2013 Many Canadian Renters Could Qualify for a Mortgage<\/strong><\/p>\n

While renting can be a good short-term solution, many renters dream of the day when they will one day be able to afford a home of their own. By consulting with a qualified mortgage broker<\/a>, however, that day may come sooner than expected,<\/p>\n

\"Canadian<\/p>\n

According to a recent report from housing research firm, Altus Group as many as 210,000 Canadian renters who are under the age of 50 could qualify for a mortgage with a federally regulated lender on a $430,000 if they were to make a 10% down payment on a 25 year insured mortgage at a 3.29% interest rate. In order to do this, however, they would still need to qualify for the current posted rate of 5.34%.<\/p>\n

By simply having an even larger down payment, however, the number of renters in Canada that could qualify for such a mortgage almost doubles. With a 30% down payment, 390,000 renters could qualify for the very same type of home.<\/p>\n

Additionally, with a 30% down payment, they could get an uninsured mortgage, meaning that not only would they pay less on their mortgage payments because a higher amount of the principle is paid off but they would also save on insurance premiums. If we were to include non-federally regulated lenders in the mix, then the number of Canadian renters who could qualify for mortgages would be even higher.<\/p>\n

The current posted rate for most federally regulated lenders is slightly less than two percent higher than the so-called \u201cspecial\u201d rate.<\/p>\n

It is clear then, that by saving longer for a home down payment, renters will be able to afford more expensive homes and\/or lower the monthly amount that they will have to pay on their mortgage.<\/p>\n

Matrix Mortgage Global can help provide renters with strategies for homeownership<\/em><\/p>\n

If you are a renter who is looking to finally stop paying your money to someone else and invest it in a home of your own, the team at Matrix Mortgage Global can help provide you with strategies to do just that. A member of our team can sit down with you and help you determine exactly how much of a down payment you should be saving to qualify for a mortgage.<\/p>\n

We can also help you with other strategies if you have poor credit or wish to explore alternative types of mortgages.<\/p>\n

For help with any of your mortgage concerns, call the team at Matrix Mortgage Global at 1-877-371-5293.<\/p>\n

Resource: http:\/\/leaderpost.com\/life\/homes\/higher-downpayment-lowers-monthly-mortgage-payments\/wcm\/4aa828b3-12de-4c7d-b315-085dc72c2c13<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Matrix Mortgage Global \u2013 Many Canadian Renters Could Qualify for a Mortgage While renting can be a good short-term solution, many renters dream of the day when they will one day be able to afford a home of their own. 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