The following is a link to the official press release - http://www.fin.gc.ca/n10/10-011-eng.asp

The most important points are below.

Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.

Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.

Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

I believe that the industry has a number of clarification questions that we need answered before we fully understand how this will affect the market place this spring.

When everything is all sussed out I will be sure to update you.

1 – Get a mortgage broker

2 – Get educated and pre approved

3 – Collect all the paperwork you will need

4 – Put down an offer and get approved

5 – Go sign some documents at a lawyer’s office

6 – Move into your new home

Today I would like to take a moment to discuss the first point – Get a mortgage broker.

People today are savvy. They are savvy about time, stress, and competitiveness.

People understand that Mortgage Brokers doing the investigation about which lender has the best deal for them will save them time.

People understand that Mortgage Brokers using the relationships that they have with the lenders will save them stress.

People understand that Mortgage Brokers get paid only after the deal has closed so Mortgage Brokers will work extra hard to get the deal closed.

These are our competitive advantages.

So the only thing you have to do is find a Mortgage Broker who you feel comfortable with, who educates, who works hard, and who adds value to the process.

I hope that I can be that Mortgage Broker for you. See my testimonials section to find out what people who have used my services before think of my services.

So lets look at the general process for getting you a mortgage.

1 – Get a mortgage broker

2 – Get educated and pre approved

3 – Collect all the paperwork you will need

4 – Put down an offer and get approved

5 – Go sign some documents at a lawyer’s office

6 – Move into your new home

There it is in a nutshell. Simple. Easy.

Things only get tough when there you don’t know what the current step is or what the next step is going to be.

Over the next few weeks I will share my insights into each of these steps because I want to help you to get to where you want to be in the easiest way possible.

All the best.

My answer is always, “This is not my area of expertise but many people go to a great local website for Calgary and Edmonton called RentFaster.ca.”

It won’t tell you how much you can rent your place for but it can serve as a good way to find out how much comparable properties are renting for.

Check it out if you are considering getting a revenue property.

All the best.

Jason