get a mortgage these days

[ghak7]

Do the banks give mortgages at the moment and to whom? Who can get a mortgage these days?

[trent]

I guess getting a mortgage in Canada is not as easier as it was just a few months back. The Canadian government is purchasing $50 billion worth of mortgages to help the financial sector and banks. With the Canadian economy already in recession, the government is desperately trying to stimulate banks to lend and to keep over-indebted Canadian consumers borrowing and spending.

Irresponsible lending and borrowing caused the financial and economic problems we face today, and the government geniuses are offering us the same medicine that caused the illness. Will they ever learn?

[sunshine]

I think you can get a mortgage with at least 20% down, perfect credit and stable job. There is no other way; the irresponsible lending and borrowing is over.

[MortgageOpolis]

Hello,

Great topic!
With all the negative econonmic news recently... several individuals are asking the same questions.
A recent survey of 12,000 world economists, ranked Canada's banking institutions number one overall. Our banks are conservative when lending money which is a big reason why we shouldn't experience the same turmoil the US is. Last I checked the number of mortgage defaults in Canada is still under 3%.
That being said... there are several mortgage options available to Canadians. Individuals are able to purchase homes with a 5% down payment, and in some cases with Zero down payment using a 5% Cash Back mortgage. Sunshine is correct in saying that good credit and steady employment is a requirement, but, can sometimes be overcome with a strong co-signor.
I've been receiving several rate reduction alerts from lenders the past few days.. with some of the fixed rates moving down by .25%.

Take Care,

[trent]

Stable employment is oxymoron in this economy. There are no safe jobs anymore, and we'll have to just get use to it.

Canadian banks have not had major problems yet, because the housing price decline just started. Just wait until the decline accelerates, and the defaults start to rise. Then you'll see how "stable" the Canadian banks are.

[Steven]

Yes, job safety is down the drain. Does anybody know what is the current unemployment in Ontario?