So if I voluntarily decided to pay my gov incentive back but my equity was creeping up at the time. Would I be paying whatever 5% of the total house value is at the time (assuming that was the down payment assistance). Then when I pay next month and it's moved up, I'm paying 5% on that amount? Hope that makes sense. Just trying to figure out what I'd do if my houses equity was making a strong gain. This channel is incredible thank you for the information.
In the last example took 15,000 from govt & paid 25,000. Still saved 100$ per month for 25 years which is 30,000 of savings over period of 25 yrs . Out of which 10k would be your loss -15 you had to pay anyway to the government coz that’s what you took initially but now you are paying 25. Additionally house price increased so paying back that additional 10k wouldn’t hurt specially when you saved 30k This seems beneficial, thoughts ?
Hi Yadwinder, great point - In our example the numbers were pretty close when it compared the cost of financing the down payment through the government. It would just be worth keeping in mind that, especially in the recent housing market, your gains and losses from a percentage stand point can look much different, whether that be in favour or against the owner.
when you voluntarily pay it back is there a time frame you must wait to pay it back? example: after 1 year I want to start repaying it? Also do I have to pay it in one bulk payment or monthly? If monthly, do the payment amounts change since from year to year the value of my house can increase or decrease.. sorry for the questions! Your video was SOO clear but this is the only part I didn't quite get, thank you in advance if you do answer! Thanks for the great videos:)
Hi Gabriella! Thanks so much for watching our videos! Based on what CMHC is saying now, you can pay it back at any time without a penalty but it looks like you have to pay back the full balance at once, not in installments. How much you owe at that time will be based on what they assess your property to be worth. So if your property has increase in value since you purchased it, you will need to repay more than what you borrowed. Hope that helps :)
Are mortgages available for mobile homes? It says that a mobile home can be purchased, but would that sort of home actually qualify for a mortgage? Or if not, could the same concept be used with a regular loan if it was being used for a house?
Hi Keith, from what I understand this program is only available for mortgage products. Mobile homes qualify but the home would have to be approved for the program just like any other home. If you found one you wanted to purchase, your bank would look at the details of the home, decide whether or not they are comfortable mortgaging it, then they would send it in to CMHC to determine whether or not is qualifies for the program. Your bank should be able to give you some guidelines or a checklist of what they look for in mobile homes when deciding whether or not the would mortgage it. Hope that helps Thanks for the question!
underrated channel for Canadians
So if I voluntarily decided to pay my gov incentive back but my equity was creeping up at the time. Would I be paying whatever 5% of the total house value is at the time (assuming that was the down payment assistance). Then when I pay next month and it's moved up, I'm paying 5% on that amount? Hope that makes sense. Just trying to figure out what I'd do if my houses equity was making a strong gain. This channel is incredible thank you for the information.
In the last example took 15,000 from govt & paid 25,000. Still saved 100$ per month for 25 years which is 30,000 of savings over period of 25 yrs . Out of which 10k would be your loss -15 you had to pay anyway to the government coz that’s what you took initially but now you are paying 25.
Additionally house price increased so paying back that additional 10k wouldn’t hurt specially when you saved 30k
This seems beneficial, thoughts ?
Hi Yadwinder, great point - In our example the numbers were pretty close when it compared the cost of financing the down payment through the government. It would just be worth keeping in mind that, especially in the recent housing market, your gains and losses from a percentage stand point can look much different, whether that be in favour or against the owner.
when you voluntarily pay it back is there a time frame you must wait to pay it back? example: after 1 year I want to start repaying it? Also do I have to pay it in one bulk payment or monthly? If monthly, do the payment amounts change since from year to year the value of my house can increase or decrease.. sorry for the questions! Your video was SOO clear but this is the only part I didn't quite get, thank you in advance if you do answer! Thanks for the great videos:)
Hi Gabriella! Thanks so much for watching our videos! Based on what CMHC is saying now, you can pay it back at any time without a penalty but it looks like you have to pay back the full balance at once, not in installments. How much you owe at that time will be based on what they assess your property to be worth. So if your property has increase in value since you purchased it, you will need to repay more than what you borrowed. Hope that helps :)
Hey I live with uncle my yearly income is lower than 100k do I qualify for the program
Are mortgages available for mobile homes? It says that a mobile home can be purchased, but would that sort of home actually qualify for a mortgage? Or if not, could the same concept be used with a regular loan if it was being used for a house?
Hi Keith, from what I understand this program is only available for mortgage products. Mobile homes qualify but the home would have to be approved for the program just like any other home. If you found one you wanted to purchase, your bank would look at the details of the home, decide whether or not they are comfortable mortgaging it, then they would send it in to CMHC to determine whether or not is qualifies for the program. Your bank should be able to give you some guidelines or a checklist of what they look for in mobile homes when deciding whether or not the would mortgage it. Hope that helps
Thanks for the question!