AboutCanadian housingLoanSome of the common sense, the author found that a lot of peopleHousing loansThere are a lot of misconceptions still problems. Some errors are caused by long-term circulate erroneous reports, there is some misunderstanding is due to not familiar with Canadian laws and cultural formation. Let us to analyze and understand.

"As long as the35%Shoufu, can apply to the housingMortgage loan." Is that so? In fact. If the borrower landing in Canada for over ten years, still can not prove income, even Shoufu more than35%Also, it is difficult from the bank to apply for mortgage loans. In addition, if you have a bad credit record, also it is difficult to apply to the. The bank is not the pawnshop, Shoufu ratio, can only show that once the borrower default, the bank can handle property is more reliable protection. But the bank's main business is financing, and non operating property. Therefore, only for specific populations, for example, new immigrants and non immigrants, the bank will provide special project, approved by home equity borrower can apply for loans to. The Canadian mainstream commercial banks provide new immigrants mortgage loan projects, and non bank financial institutions, small and medium scale due to the financial situation and risk preferences of their own, most do not provide loans to borrowers unable to prove income. In Canada, the mainstream commercial bank anti risk ability than other financial institutions, mainly because of bank capital is abundant, can usually be some not meetCMHCUnderwriting standards, mortgage assets held to maturity. BecauseCMHCOnly cover and acquisitions can prove incomeHousing loans, and non bank financial institutions need to consider to sell mortgage assetsCMCHThus, liquidity, so for the new immigrants in less project. As long as35%Shoufu, can apply to the housing mortgage loan is not accurate, so consumers need to buy a house before, especially under no conditionOfferPrior to the bank to verify, their immigration status and income is in accordance with the new immigrant and non immigrant project, and don't forget, if you have bad credit records, may also not bank approval.

"Can you give me the lowest interest rate is the number?" Many Advisory Friend the first problem is the same. Such customers, the industry called"Rate shopper". Consumers are eager to know the lowest interest rate market is much, they can apply to the lowest interest rate, the mood is understandable. But the lowest interest rates ", Is it right? Best lending? My interest rates lower than you, my loan is better than yours? In the2007Years to get5.4%The5Year fixed rate, then is the lowest interest rate, but compared to floating interest rates, it is not the same. Therefore, the correct choice of floating or fixed interest rate is the most important. In addition, different loan products are different, takeABank interest rates andBBanks, is of no significance. No one wants a bad housing loans with their new life, but in the choice of loans and loans but regardless of product characteristics, the blind pursuit of low, lower. The loan is a long-termCommitment, there are many factors to consider. The longer the duration of loans, need more consideration, for example, once the family financial problems, can "jump"; if the income has improved whether early repayment, repayment amount is much; what are the loan fees; once the late payment will be what kind of results; can put forward from the already repayment of loans need funds, how to make etc.. I have received such a phone:

"You5What is the period of the lowest interest rates?"

"5Year fixed rate3.xx%"

"That's too high, people1A few."

"The interest rate you said later will change"

"...." The phone.

Many consumers found in their choice is wrong, will complain about the service professionals. But now doing the judgement, there are no listen to each other speak clearly? If the consumer is the pursuit of low interest rates, can be used to newspapers, or the Internet to find banks or mortgage brokers telephone, for everyone to play again, make notes, and finally select a lowest. This time, consumer choice is the lowest interest rate, rather than professional services. And do not say whether it would be deceived, single said that it is not responsible for their own. Proposal consumer in mortgage applications, preliminary arrange their own needs, the verification of income and deposit status, browse the web or print media, have a general understanding of the economic situation, and then to the professionals to introduce their family economic conditions and loan demand, ask the other side to give a suitable loans advice, finally decided to after consulting with the family. To the professional advice is best to ask the working time, the working experience, the economic situation of the views, recommend what loan products, product characteristics, which lenders, loan products what are the advantages and disadvantages compared with other financial institutions, the key is the reason given each other advice, so as to judge whether you meet the demand for loans. Remember, any loan are not in the loan early to judge quality. The loan is good or bad, does not lie in the interest rate is low, but the repayment period how much to save interest payments.

"It's the lending institutions to lend you money, from banks or non bank financial institutions loans are the same." Is that so? In MR Ceng Shiqiang's pet phrase is "very hard to answer". Some non bank lenders in the loan contract terms and the terms of the commercial bank is very close, and some are not, lending institutions according to their own principles of risk control to add some special terms. For example, lenders have reason to have the information to check on the property, the cost borne by the borrower. If the consumer's mind lending institutions that such terms, the best in the legal advice before signing consulting related. Up to now,CMHCHousing management authority for approval as137Family organization structure, including commercial banks, credit unions, trust companies, finance companies, and insurance companies, etc.. These financial institutions governed by the law of different, regulators are not the same. If consumers intend to choose the financial institutions unfamiliar to do housing loans, it is best to look at the agency's Webpage, ask professional personage introduces its capital structure, the main business, the most important is the approval conditions for loans, repayment of convenience, loan service channel (counter service, telephone service, Internet service), charges for services, loan terms meaning etc.. In a word,The Bank of CanadaJurisdiction of law is the one to three grade banking; non bank financial institutions are not subject to the jurisdiction of the Canadian banking law. If consumers find clearly not conducive to their loan terms, it is best to seek advice from your lawyer. Therefore, the borrower needs as soon as possible to get a loan documents, carefully read, a better understanding of their rights and obligations.

For the first time to buy a house of consumers, many friends and colleagues to understand the situation is very necessary, but also should pay attention to, some so-called recognized is not accurate. Therefore, before making important decisions, to verify the best professionals. The Chinese Canadian consumers maintain customer loyalty to want, home equity line of credit to use, as well as theCanada MortgageThe role of insurance and other issues, there are a lot of misunderstanding, please see the related article.

Recently, robOfferThe situation is getting worse, many consumers with this or that problem to ask, how to ensure that you can getHousing loansIn order to robOfferWhen without financing conditions. Only one way -- Application (pre creditPre-approval), so as to improve the success rate of the final loan. "35%Shoufu case can get loans." This sentence is not responsible for gospel truth, do not.

Consumers use to maintain customer loyalty, home equity line of credit, as well as the role of Canadian housing loan insurance, there exist many misunderstandings.

"LoanRenewWhen the bank won't leave you, treat them like new customers, so you won't get a good rate of interest, to other banks." That sounds very reasonable, and even some of the housing loans in the bank between tiaolaitiaoqu analogy inRogersAndBellThe choice between phone and Internet services, for the first time you enjoy a new customer. That is not the case. Canadian television and telephone company has long been in a monopoly status, the service itself is just passable, more and more voices calling for the introduction of USAVerizonAnd other competitors, promote the quality of service. Commercial Bank of Canada's situation is completely different, fully competitive environment, prompted banks to provide a full range of fast quality service. Most importantly, the bank is the intermediary of a financing, not entirely passive by consumer choice. No good customer relationship, a bank may need financial services when you say "no". The reason that some consumers in the loanRenewWhen did not get good rates, because close enough and relationship lending between banks. Last weekend, a couple to apply for housing loans, is concerned about the maturityRenewYou can get good rates. Their previousHousing loansIn theRenewWhen, having a lot of trouble -- loan before maturity sent a letter, informRenewInterest rates, they can't even find the customer service staff to discuss questions of interest rate. It is understood, their loans through the intermediary lending institutions do, where, how to contact the customer service personnel, all don't know; no personal account opened in the lending institutions, intermediary service before they can't find. Just imagine, how is this likely to get a good interest rate? I help the couple to fill in the application form, introduced them and customer manager, for the account and credit card application procedures, they also consulted the investment and tax matters. This friend of customer relationship is particularly important for borrowers, home can not timely repayment, make a phone call to the application period (jumpSkip payment), not by default and fines.RenewTime, the bank will not easily give up any one have the loyalty of customers, so there is no reason to give an unreasonable interest rate. In addition, some very favorable banking products, the banks only provide their customers. For example, equitableMortgage loanLong36The lock up period of months, can make the present low interest rates3Years. Non bank customers need to provide developers and property information, cooperation in the bank on the list of developers and projects before they can apply; if the bank's customer, no matter what projects can apply for. Although many Chinese consumers see a one-year fixed rate is very low, but not willing to apply for, worryRenewWhen not get good rates, which also reflects the consumer to the customer relationship building and maintenance of lack of confidence. "Relationship" is the productivity in any country and industry, especially in a foreign country. 

Home equity line of credit, for the majority of Chinese people is a product of bank strange. According to the author's experience, the first buy a house among consumers, very few people take the initiative to apply for this product. But the second time buyers80%Will apply to home equity line of credit. Personal consumption loans is very popular in North America, the most common product is credit card and personal lines of credit. Because the credit card is a kind of non mortgage credit instruments, usually interest rates are relatively high, generally at the annual interest rate10%Above, the interest is calculated daily calculation of compound interest, therefore the Chinese credit card lending people very little. Personal credit is secured and unsecured two. Unsecured credit interest rate is usually in theP+3%To8%. With home equity as collateral personal lines of credit to the current interest inP+0.5%About. Home equity loans, refers to housing price drop after the net, namely, the borrower has its own housing rights."Canadian housingNet mortgage (HELOCApplication of skills)"In the paper, we introduced the use of home equity line of credit, here not say. The Canadian mainstream commercial banks offer home equity loans, but the financial companies or no branch of the bank is rarely provide this product. Housing loans in repayment process, consumers gradually put their assets into fixed assets, if the lack of this can make the fixed assets into liquid assets, will bring a lot of inconvenience to life. The second time to buy a house of consumers are mostly for home equity line of credit, is mainly the reason -- can be put into the house of money at any time out.Chinese CanadianMostly small family, once the financial difficulties, mostly rely on their own to solve, between friends and relatives borrowing occurs very rarely. Therefore, vital liquidity assets, home equity loans are not not essential, if conditions permit, the best application as a standby. In the choice of bank loans, the applicant is required to understand the nature of home equity loans bank loans. One is Become and mortgage loan amount; another is separated with the mortgage loan amount. The advantages of self-evident -- with the decline in mortgage loans, credits and loans increased; registration, registration fees and registration fees are only a lift. The latter is a fixed amount of quota, quotas and does not increase with decreasing the mortgage loans; registering and unregistering respectively occurred two times the legal costs. A smart consumers in Canada is not easy. Can have the patience to read this section of the people, is a very curious readers.

"I wage income is not much, but I'm willing to buy insurance." This is the author often hear a word. Canadian housing loan insurance isCMHCOrGenworthTo the bank insurance. The bank to buy insurance, the borrower in the case of a default, according to the amount of loss, can claim to the insurance company. Typically banks will be passed on to borrowers premium. Under current law, financial institutions continued housing loans, if the borrower pays less than20%, financial institutions must buy housing loan insurance. Because the insurance company is the credit risk of housing loans of the undertaker, therefore, insurance company has developed a very careful underwriting standards, the only acceptable risk will be successful by the insurance company for approval. Insurance company of these standards, indirectly into financial institutions lending standards, see details"Canadian housing loans have standards and uniform?". A basic standard insurance company is: the borrower has sufficient solvency. Therefore, insurance, can not help solve the problem of insufficient borrower solvency, insurance companies will only help those who have enough liquidity, but the first payment of the loan applicant. This also reflects the Canadian housing loan insurance purpose -- to help the solvency of consumers to Yuan housing dream. The author had in previous articles and share an experience that buy a house, home, as early bought. Last year4Month, the real estate market be besieged on all sides, some pessimists that prices will fall by half. The author of a customer just at this time, with10%Shoufu, housing through the purchase of mortgage insurance, inBayThe street to buy aCondoLess than a year, the appreciation30%. When the customer is a newly graduated students, hold, work of course, work very well. A mere2%Premium compared with the huge appreciation can be ignored. The opportunity always be prepared, knowledgeable, insightful people grasp the essential knowledge, and knowledge is the key. Understand the housing loan policy in Canada, especially loan insurance policy, is the first step to success.

Student loan, the loan, Is it right? Difficult, must find a "recipe" to solve the problem? Credit record is not good, or no credit history must find someone to "packaging"? For mortgage brokers to apply for loans, only access to a credit record, can also apply for a number of banks, so can avoid repeated access to credit reports and credit score, is it? Some sounds very reasonable, but there are not consistent with the facts, a lot of trouble and confusion to the Chinese consumer.