What's new at CanEquity — Canada's leading mortgage website

New Laws Governing Mortgages in Canada

The federal government made an announcement this week about the upcoming changes to the mortgage lending market in Canada. This measure was taken to counter any overuse of the credit market and lending guidelines. Many Canadians find themselves in a position where they need to take out equity in their homes to pay off debt or take care of other money concerns. This is not a bad move generally but it can be, if all the equity is taken from the home to do it. The Finance Minister has decided that this should be scaled back slightly to protect the Canadian homeowner from overextending themselves and having no options if their situation should worsen. In layman's terms, here are the new mortgage rules for Canadian borrowers:

1. All borrowers must qualify for a mortgage based on a 5-year fixed rate. If they decide to take a variable rate mortgage or even a 2-year fixed term, they will still need to qualify based on the 5-year fixed rate.
2. Refinancing a home is still an option for all homeowners who qualify but you will now only be able to take out a maximum of 90% of the value of your home.
3. If you are buying a home for revenue purposes, not to live in yourself, you will be required to put more money down (20% minimum now).

Everyone has their opinions about this topic and what they think should be done. CanEquity is, as always, neutral in our thoughts and opinions. We believe that the market has stabilized in Canada and that the recession is in our rear view mirror. No matter what decisions are made by the Federal Government and our lender partners, we will always strive to find the best product for our clients. We feel that this is but a minor hiccup in the financial road and it should not deter Canadians from wanting to purchase a home or refinance their existing home. This new rule has been implemented by the Federal Government to maintain Canada's secure and financially stable economy. We are available to answer any questions you may have.

President's Message Regarding Your Privacy

We pride ourselves on customer service and consumer privacy. Since 2002, with our encrypted online mortgage application, we have been an industry leader in mortgage technology and security. Our staff are all highly screened and interviewed before employment commences and police checks are performed on each call centre representative. Our company was created by honest and hardworking people and we only want to work alongside other honest and hardworking people. You have my assurance that your file will always be dealt with professionally, promptly and with the utmost privacy and security. You have our promise.

Anthony De Almeida, President & CEO

CanEquity's Refinance Program

CanEquity now has available the product that enables you to refinance your home faster, more efficiently and with NO LEGAL FEES! Whether you refinance for home improvements, debt consolidation, education or investment purposes, the new CanEquity Refinance Program will help make your dreams a reality.

CanEquity's Refinance Service includes:

• Convenient in-home or in-office document signing service
• Standard legal fees paid
• Worry-free Preferred Rate pricing on 3 & 5 year fixed rate terms as well as the 5 year adjustable rate term
• High Ratio, Conventional and Business for Self mortgages are available with this CanEquity Refinance Service.

The New Tax Free Savings Account (TFSA)

One of the focuses of last year's budget was the announcement of a new Tax-Free Savings Account (TFSA). Targeted to lower-income earners, not necessarily benefiting from traditional tax-sheltered plans like RRSPs, the TFSA has now been sparking interest in the mortgage community. Can it now be leveraged towards a downpayment for a house or used to offset your mortgage interest rates allowing you to make lump-sum payments? CanEquity Mortgage investigated the advantages to the new Canadian Tax-Free Savings Account.

Find out more about the Tax-Free Savings Account.

The CanEquity Team is proud to present...

The NEW tax deductible mortgage, only for Canadians

The Equity Mortgage

Arguably as Canadians we live in one of the best countries in the world, we are however one of the most taxed. The Equity Mortgage allows you the benefits of a tax deductible mortgage and creates an investment portfolio with all the same monthly payments. Imagine getting money back from the government by making your same monthly mortgage payment! Your bad mortgage debt is easily transferred into good investment debt, with the same monthly payment! Learn more about the leveraging ability of this product today by contacting one of CanEquity's licensed mortgage specialists. Are you ready to build your investment portfolio, and get government tax credits? No obligation Pre-Qualification Form.

^* Mortgage interest rates are subject to change without notice at any time. O.A.C.
^§ Our mortgages are only available to Canadian residents or foreigners purchasing property located in Canada.

Although every attempt is made to ensure the accuracy of our website, the above mortgage information should only be used as a guideline. CanEquity Mortgage always recommends that you consult a mortgage broker before making a decision. If you have questions or comments about our website, security practices or policies, please call our technical support line at 1-866-530-5541. For any mortgage related questions or to speak to one of our mortgage specialists, please call 1-888-818-4262.