5 Reasons Why 2020 is The Year To Buy Real Estate

General Robyn McLean 29 Feb

Could this be the year to buy? Our friends at REW have outlined the positives below. 

Lower mortgage rates, lower home prices, and the rise in buyer confidence means a busy year ahead for realtors.
Thinking of buying a home? Well, 2020 could be your year! Real Estate experts across the country are optimistic this year will see an upswing in the market, and more first-time homebuyers will have the keys to their new front door.

Here’s what we know: 2018 and 2019 got off to a slow start, but 2020 has already proven to be a year with positive surprises.  Here are some market trends that may sway your opinion and have you headed to your favourite real estate agent.

1.  Lower Mortgage Rates

The Bank of Canada’s five-year benchmark qualifying rate dropped last year. Why is this important? Benchmark rates are interest rates set by the bank of Canada that are useful in financial contracts such as mortgages. Make sure you talk to your Real Estate Professional or Mortgage Broker to discuss your eligible rates.

When we see fast economic growth and higher inflation combined with low unemployment, mortgage rates tend to rise. When the economy is slowing down, inflation falling and unemployment increases, mortgage rates tend to decline. It gets tricky when these economic trends don’t co-exist.

Economists are forecasting a slower economy as the year progresses due to challenges in the export market and international trade. That’s actually good for mortgages. However, the national unemployment rate is low and expected to stay low as the demand for skilled trades continues to rise. Despite the discrepancy, the Canadian Real Estate Association remains optimistic.

2.  BC Assessment

In Vancouver, housing prices have experienced a slight dip in pricing in some areas due to the BC Assessments released in January. This lowering of assessed value in some regions bodes well for buyers who are trying desperately to find affordability in an area that boasts some of the most expensive homes in the country.

 3.  More Secure Long-term Investment

There are some great financial incentives only available to homeowners. If you currently own or are thinking about buying, make sure you take full advantage of things like possible tax breaks and incentives, building equity, new housing rebates and more.

4.  Millennials Looking for Good investment  

Now that Millennials are into their late 20s and 30s, they are moving away from rentals and entering the world of homeownership. Millennials now make up the single largest group of Canadian homebuyers.

With recent changes to the Stress Test, the BC Assessments causing prices to drop in that region, first-time homebuyers’ programs and incentives, and lower interest rates across the country, the planets are aligning in 2020 for millennials to break into the housing market.

In a recent interview with the Vancouver Sun Ashley Smith, president of the Real Estate Board of Vancouver says affordability is a critical factor for millennials when it comes to buying a home (especially) in the Vancouver region, adding that a condo may be an attractive option.

“While many people still dream of owning a detached house, others prioritize an urban setting over the traditional white picket fence. I do think there is a shift for many millennials more towards lifestyle rather than square footage,” Smith says.

In addition to price, Millennials are the driving force for technological advancements in the Real Estate industry and industry trends. Environmental footprint, electric car plug-ins, sustainability, and green space are all factors that come into play for millennials.

5.  Expand Your Search: Get More Bang for Your Buck

We all know the location of your home can have a significant effect on its price. By looking slightly outside of a popular neighbourhood but still within its reach, you can increase the affordability factor, get into your home sooner, and experience more bang for your buck.

Not only will you find more housing affordability, but you may also see a decrease in property taxes. In addition to the price, location is often close behind. Once all the musts are checked off your list, like schools and amenities, spreading your wings just slightly outside the preferred area may give you many benefits without sacrifice.

Most real estate professionals and economists agree that 2020 has a bright future for the industry.

By Catherine Musgrove Feb 29, 2020

Destressing the 2020 Mortgage Stress Test

General Robyn McLean 29 Feb

How do the latest changes to Canada’s mortgage stress-test affect you? Here is a great synopsis from our friends at REW.

Agents and economists agree that the recently announced tweaks to Canada’s Mortgage Stress Test bring positive change to the housing industry. The new changes take effect on April 6, 2020, and will apply to insured mortgages. Let’s take a closer look.

Introducing the April 2020 Stress Test

The new stress test will affect insured mortgages (those with less than 20% down payment). The rate will now be the weekly median five-year fixed insured mortgage rate plus 2%. If the new stress test changes took effect today, the rate would be 4.89%, says the Department of Finance or 30 basis points less than the current stress-test rate. (BTW, there are 100 basis points in 1%). So, a few percentage points can translate into thousands of dollars in savings for the borrower.

The Benchmark Rate will be published on a Wednesday and come into effect the following Monday.

Critics of the current mortgage stress test say big banks have been keeping their five-year fixed posted rates artificially high. With mortgage rates falling since last year, the stress test has been increasingly out of sync with the actual contract rates consumers are receiving.

“For many middle-class Canadians, their home is the most important investment they will make in their lifetime. Our government has a responsibility to ensure that investment is protected and to support a stable housing market. The government will continue to monitor the housing market and make changes as appropriate. Reviewing the stress test ensures it is responsive to market conditions,” says Bill Morneau, Minister of Finance. 

The announcement comes following a review of the mortgage stress test ordered by Prime Minister Justin Trudeau in December 2019 to explore recommendations from financial institutions to make the stress test more “dynamic.”

Federal financial agencies conducted the review and concluded the minimum qualifying rate should reflect the evolution of market conditions. The stress test will be more representative of the mortgage rates offered by lenders and more responsive to what is happening in the market and economy.

The Office of the Superintendent of Financial Institutions (OSFI) also announced it is considering the same new benchmark rate to determine the minimum qualifying rate for uninsured mortgages.

How This Affects Buyers in 2020

Before this new change, Canada’s big six banks determined the benchmark rate, which was then adopted by the Bank of Canada and used as the stress test rate. The rate has been kept high, and this has affected borrowers from qualifying for the best possible mortgage. In some cases, they may not have been able to buy a home at all. The new test will allow more people to qualify, which is welcome news for the new home buyer.

As well, the new rate is more flexible, and this will, in turn, allow it to go with the ebb and flow of the economy.

In an email to BNN Bloomberg, Robert McLister, the founder of ratespy.com, says that “by unhinging the stress test from the big banks’ posted rates, regulators are fixing a glaring policy error.”

The six big banks should not have been allowed to dictate how easy it is – or is not –  to get approved for a mortgage. Unless there is some unlikely and unexpected shock or rate spike this spring, the new, easier stress test should be music to the ears of home sellers,  adds McLister.

Robert Kavcic, senior economist with BMO Capital Markets, in a note to clients last Tuesday, said the new changes would “…have an impact on the market… At least a modest one to start. First, keep in mind that Vancouver, Toronto, Ottawa, Montreal are all either hot or getting hotter, and these changes will hit right as the spring selling season gets underway…”

Something else to consider: The federal government only regulates major banking institutions and must impose the laws set by the Bank of Canada. Private mortgage lenders, mortgage brokers and other mortgage-related lenders aren’t subject to the same regulations and have far more flexibility when it comes to approving mortgage loans without the ‘stress test’ involved.

By Catherine Musgrove Feb 28, 2020

Virus Anxiety Hits Canada

General Robyn McLean 28 Feb

Some good clear-headed thinking from DLC’s Chief Economist Dr. Sherry Cooper.

As though things weren’t volatile enough, a new wave of virus terror is wreaking havoc on global financial markets. The novel conronavirus, COVID-19, continues to spread causing panic in worldwide stock and bond markets for the seventh day. Share prices have plummetted in Asia, Europe, the U.S. and Canada. The sell-off is fueled mostly by concern that measures to contain the virus will hamper corporate profits and economic growth, and fears that the outbreak could get worse.

Interest rates are falling sharply, hitting record lows reflecting a movement of cash out of stocks and commodities like oil, into the safer havens of government bonds and gold. In Canada, the 5-year bond yield has fallen to 1.16% this morning, down more than 50 basis points (bps) year-to-date and down 65 bps year-over-year (see chart below). Mortgage rates are closely linked to the 5-year government bond yield, so further downward pressure on mortgage rates is likely. Oil prices have fallen sharply, hitting the Prairie provinces hard. Crude oil WTI prices have fallen to just over US$45.00 a barrel compared to $62.50 earlier this year.

The Canadian dollar has also taken a beating, down to 0.7468 cents US, compared to a high of 0.7712 early this year.

The Canadian economy was already battered as today’s release of fourth-quarter GDP data shows. Statistics Canada reported that the economy came to a near halt in Q4 as exports dropped by the most since 2017 and business investment declined. Household spending was a bright spot–a reflection of a strong labour market and rising wages.

Monthly data for December, also released this morning, came in stronger than expected, showing the economy had some momentum going into 2020 before the coronavirus reared its ugly head.

The weak 0.3% growth in Q4 was expected as a series of temporary factors including a week-long rail strike, manufacturing plant disruptions and pipeline shutdowns slowed growth. Even though December posted an uptick, the first quarter will no doubt be hampered by the rail blockade and now virus-related supply and travel disruptions as well as reduced tourism.

Bottom Line: Panic selling in the stock market is never a good idea. The TSX opened down more 550 points this morning following yesterday’s outage. Trading on Thursday was suspended around 2 PM for technical reasons.

None of this is good for psychology or the economy.

The Bank of Canada meets next Wednesday, and clearly, their press release will address these issues. It’s unlikely the Bank will cut rates in response on March 4, but if the economic disruption continues, rate cuts could be coming by mid-year.

The new stress test will be in place on April 6. If rates were at today’s level, the qualifying rate for mortgage borrowers would be more than 40-to-50 basis points lower than today’s level of 5.19%. This will add fuel to an already hot housing market.

Your Timeline for Making an Offer on a House

General Robyn McLean 27 Feb

Some great basics for first-time homebuyers from our friends at Zoocasa

1. Buyer views the home

With your real estate agent, you’ll be looking at all sorts of homes on the market. Your agent will be able to guide you, finding things you might have missed—fixtures, space, closets, etc. Also, be sure not to reveal too much on open houses; yelling out “I’ll pay anything for this place!” won’t help you when you get to the negotiation stage.

2. Buyer submits offer

Once you’ve chosen the home you want, you’ll make an offer in writing to the listing agent. This includes all the typical components of a buyer’s offer. This is also when you submit your proposed purchase price for the sellers to review.

Your offer has an irrevocability period, where the seller has to consider the offer in a certain period of time—typically by midnight that night or within 24 hours. In that time, the seller has to respond to the offer, either declining it or providing the buyer with a counter-offer, (and this counter-offer would have its own irrevocability period).

3. Both parties negotiate the offer

The buying and selling agents will then negotiate the offer. Once the seller has received your offer, they can choose to return a counter-offer at a higher price. This can go back and forth until the two parties arrive at a mutually agreed-upon price, closing date, and terms. The negotiations can switch to verbal between agents, if there’s going to be a lot of back-and-forth, but only changes in writing will be legally binding.

4. Seller accepts the offer

Once the buyer has offered the seller terms they’re willing to accept, the acceptance in finalized via both parties’ signature, and the deal is complete.

5. Buyer gives deposit

Your deposit is given to the seller’s agent to secure the offer.

The buyer has two choices when submitting a deposit: they can either give the deposit with their initial offer, called “herewith,” or “upon acceptance,” when the seller has accepted the offer. The second option is more common, especially in a buyer’s market, but herewith deposits are common in a seller’s market, where bidding wars are more frequent.

The amount of the deposit varies based on regional trends. Deposits in the Greater Toronto Area, for example, are typically up to 5%, whereas some small communities across the country only require a few thousand dollars. Your agent will know what’s expected to secure your offer.

6. Buyer completes due diligence conditions

Most offers will come with several conditions that need to be met before the sale can be finalized, or go “firm.” These include a getting home inspection, and confirming mortgage financing for the property. Conditions must be met within a set period—typically between two and five days.

A common condition in a condominium purchase is a satisfactory status certificate. These status certificates can take a couple weeks to arrive once ordered, followed by a 2–5-day period for the lawyer to approve it. Ask your agent about any other exceptions you may encounter.

7. Brokers and lawyers prepare for the completion date

Once conditions are met, the buyer and sellers begin to plan their move while the mortgage broker and real estate lawyer work on everything else. The lawyer will confirm the title is clean and ensure they’ve received all mortgage documents and insurance documents at least two weeks before closing. A few days before closing, the buyer and seller sign all paperwork with their lawyers.

8. Buyer receives keys on closing date

Your closing date is set in the agreement of purchase and sale. Typically, this is 30 to 90 days from the acceptance of the offer, but it can vary depending on the agreed-upon needs of the seller or buyer.

Closing transactions can take all day for the lawyers to finalize money and title transfers. It’s advised that the buyers arrange to move in after the closing date, as you may not get your keys until after 4pm on closing day.

Lower Mortgage Stress Test Rate Coming on April 6th!

General Robyn McLean 20 Feb

Some great news that we’ve been hoping for from our friends at Zoocasa

Good news is on the way for those getting into the housing market this spring – it’s going to become a bit easier to qualify for a mortgage, as changes are in store for the much-contested federal mortgage stress test.

The Department of Finance announced on February 18 that it will be tweaking the qualification criteria used in the stress test, to go into effect on April 6 – just in time for the busiest housing market season of the year. Under the new changes, the benchmark rate – also referred to as the “floor” – used to set the stress test threshold for borrowers will be changed from the five-year rate set by the Bank of Canada (which in turn is set by an average of the posted five-year rates offered by the Big Six banks) to the weekly five-year median insured mortgage rate used in mortgage insurance applications, plus 2%.

Currently, the change is only for insured mortgage borrowers – those who pay less than 20% down on their home purchase and require mortgage default insurance from the Canada Mortgage and Housing Corporation. However, the same change is likely to come for uninsured mortgages too, according to national banking regulator the Office of the Superintendent of Financial Institutions, which will be consulting on the matter until mid-March. The stress test has been in place for insured borrowers since October 2016, while the version for uninsured mortgages rolled out in January 2018.

What Does This Mean for Home Affordability?

This change is notable as it will materially reduce the threshold these borrowers need to qualify at in order to obtain home financing, as the rates offered by lenders for insured mortgages are typically much lower than the posted rates at the big banks; for example, the current BoC rate sits at 5.19%, while many lenders offer insured mortgage rates today below 3%. In fact, if the new median rate was made available now, it would sit at 4.89%.

According to calculations from RateHub, a borrower getting a mortgage rate of 2.89% and tested at the new rate would qualify for a home valued at $526,632, $15,000 more than the $511,424 they’d receive under the current rate.

Why is the Stress Test Changing?

Mortgage industry experts have criticized the gap between the stress test and actual mortgage rates as being out of touch with real-time markets, with the difference growing ever larger in today’s low-interest rate environment. As a result, Finance Minister Bill Morneau was instructed by the government to review the stress test late last year to ensure it was better aligned with real market conditions.

However, tweaking its criteria required a sensitive approach, as it was put in place to protect borrowers’ ability to pay their mortgage should rates rise, and prevent them from taking on too large of a loan in the first place.

In its announcement, the Department of Finance said that while the measures have largely achieved these goals, “This adjustment to the stress test will allow it to be more representative of the mortgage rates offered by lenders and more responsive to market conditions.”

Stated Morneau, “For many middle class Canadians, their home is the most important investment they will make in their lifetime. Our government has a responsibility to ensure that investment is protected and to support a stable housing market. The government will continue to monitor the housing market and make changes as appropriate.”

Real Estate Industry Voices Support for Change

The reaction from realtors at the national level has been positive, as the stress test has been blamed for reducing affordability for many buyers and cooling the market. According to the Canadian Real Estate Association, per capita sales activity in 2018 reached its lowest point since 2001 following the uninsured stress test, while 2019 final sales tied for second-worst.

While calmer buying activity may have been welcome in Canada’s most expensive housing centres, such as in the Vancouver and Toronto real estate markets, there was criticism that the measures disproportionately affected smaller cities where conditions were balanced, or already in buyers’ market territory, like the Prairies. As well, there was growing concern that borrowers shut out by the test moved instead to B and alternative lenders to get their home financing, which actually added more risk to the borrowing landscape due to their higher interest rates and overall less favourable terms.

Stated CREA President Jason Stephen, “Realtors have advocated for changes to the stress test on behalf of potential homeowners who have been sidelined, borrowers who have moved away from the regulated market to less-regulated options, and real estate markets across the country in need of relief.”

Will This Add More Fuel to Already Heating Markets?

Not everyone is hailing the change to the stress test to be a positive development, expressing concern it will only contribute to rapidly heating prices and buyer competition in the nation’s largest cities, which have gotten an early start this year; the Toronto Regional Real Estate Board is reporting that average GTA prices approached the $900,000-mark in January, having increased 12.3% year over year. From a national perspective, CREA said the sales-to-to-new-listings ratio for Canada as a whole was 65.1% in December – well over the threshold to be considered a sellers’ market.

According to Capital Economics’ Senior Canada Economist Stephen Brown to the Financial Post, “The timing could hardly be worse.”

“Reducing the severity of the stress test is likely to put further upward pressure on housing prices, at a time when the sales-to-new-listings ratio already points to a surge in house price inflation ahead,” he stated. “The dilemma the Bank currently faces, between the need to support activity on the one hand and the need to limit the build-up of financial risks on the other, will only get worse.”

It remains to be seen how this latest change will filter through the housing market, especially with competitive urban centres already experiencing hot conditions in the typically slower late-winter season. All eyes will be on whether the mortgage industry experiences a significant uptick in applications once the easier rate is in force.

How Much Will Repairs and Upgrades Cost? Get the Answers!

General Robyn McLean 17 Feb

During the process of buying or selling a home, your clients often learn about recommended or required repairs and upgrades. This can happen as a result of the home inspection, or you may make suggestions based on your knowledge of the local market and comparable homes. Of course, the first thing your clients want to know is, “How much will that cost?”

The Pillar To Post Construction and Remodeling Estimates Cost Guide puts this information at your fingertips. It provides estimated cost ranges for the repair and/or replacement of major systems and components in a home including heating and cooling, roofing, plumbing, electrical and much more. It also includes general guidelines for the life expectancies of those systems. This information can help your clients make informed decisions when they’re considering home repairs or improvements and is valued by buyers and sellers alike.

For complimentary copies of our newly updated Cost Guide, please contact your local Pillar To Post Home Inspector or download it here.

Canadian Qualifying Mortgage Rate Lowered to 4.99%

General Robyn McLean 6 Feb

TD’s move may be an indicator of more to come. Some interesting insight from DLC’s Chief Economist, Dr. Sherry Cooper.

Market interest rates have fallen sharply since the coronavirus-led investor flight to the safety of government bonds. The 5-year government bond yield–a harbinger of conventional mortgage rates–now stands at 1.34%, down sharply from the 1.60+% range it was trading in before the virus became global news (see chart below).

This morning, one of the Big-Six banks finally reacted. TD cut its posted 5-year fixed rate to 4.99%. TD’s posted rate had previously been at 5.34%, making this a 36 basis point cut. Other banks had lowered their qualifying rate to 5.19% last July, leading the Bank of Canada to cut its 5-year conventional mortgage rate to 5.19%. This is the qualifying rate under the B-20 rule introduced on January 1, 2018.

Even the regulators have been questioning the efficacy and fairness of using the big-bank posted rate as a qualifying rate for mortgage stress testing.

On January 24, the Assistant Superintendent of OSFI’s Regulation Sector, Ben Gully, gave a speech at the C.D. Howe Institute suggesting that the B-20 qualifying mortgage rate historically would be no more than 200 basis points above contract rates. He said that OSFI chose the “best available rate at the time.”

He went on to say that for many years, the difference between the benchmark rate and the average contract rate was 200 bps. However, this gap “has been widening more recently, suggesting that the benchmark is less responsive to market changes than when it was first proposed. We are reviewing this aspect of our qualifying rate, as the posted rate is not playing the role that we intended. As always, we will share our results with our federal partners. This will help to inform the advice OSFI might provide to the Minister, as requested in the mandate letter to him.

By keeping posted rates too high, the Big-Six banks have inflated the qualifying rate, making it more difficult than necessary to pass the stress test to get a mortgage.

While TD’s rate cut is welcome news, its posted rate is still too high by historical standards. Given today’s average contract rates, the posted rate should be at least 20 bps lower still.

Banks have a strong incentive to inflate their posted mortgage rate. For one thing, they are the basis for the calculation of big-bank mortgage penalties. Also, they are the minimum qualifying rate.

The posted rate does not appropriately reflect the state of the mortgage market as few borrowers would pay this rate. Interestingly, banks often move this rate in lock-step, or close to it, reflecting their dominant oligopolistic position in the marketplace.

If a couple of the other big banks follow TD’s lead, the Bank of Canada benchmark rate will be below 5% for the first time since January 2018 when the new B-20 rules were adopted. Lowering the stress test rate by 20 bps from 5.19% to 4.99% would require roughly 1.8% less income to qualify for a mortgage on the average Canadian home price (assuming a 20% downpayment), increasing buying power by 2%. This doesn’t sound like much, but it can have a meaningful psychological impact on already improving housing markets. The latest CREA data shows that the national average home price surged 9.6% year-over-year in December. A lower stress test rate would make a busy spring housing market even more active.

Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres

5 Financial Benefits Only Available for Homeowners 

General Robyn McLean 3 Feb

Did you know? Some great information from our friends at rew.ca

 Sure, renting has its perks, but did you know there are some great financial incentives only available to homeowners? If you currently own or are thinking about buying, make sure you take full advantage of these.

1. Possible Tax Breaks and Benefits are Attractive Incentives

Everyone loves a tax break! Although most tax benefit programs are specific to each province, there is a National Program called the First-Time Home Buyers’ Tax Credit (HBTC). The purpose of the HBTC is to give you back a small portion of the purchase price considering that one of the biggest challenges for first-time home buyers is the down payment. This tax credit can give you a non-refundable $5,000 when you file your tax return the year after you purchase. This translates to roughly $750 extra in your pocket. Great for those new home expenses that may pop up.

Provincially, there are many different tax breaks and benefit programs available across the country. Exclusive to British Columbia, for example, is the First Time Home Buyers’ Program. It exempts first-time home buyers from the property transfer tax by reducing or eliminating the amount of tax paid. There are certain stipulations so make sure you check the qualification criteria

BC has some of the most expensive real estate in the country, and with that comes some of the steepest property taxes. With the Home Owner Grant, you may be eligible to reduce property taxes on an annual basis with the amount of  tax relief dependant on where you live. For example, if you are living in Vancouver you might be eligible for a $570 grant, whereas outside of the Capital Regional District, Greater Vancouver, or the Fraser Valley District, you may be eligible for a grant of $770.

BC also has a tax incentive for home buyers who are not first-time home buyers necessarily but are purchasing a newly built home. The Newly Built Home Exemption helps lower or eliminate the property transfer tax you are required to pay. This exemption applies to newly built homes only and can save you up to $13,000 in tax exemptions. 

Similarly, Ontario offers a refund on all or part of your land transfer tax. But you need to be an eligible first-time home buyer. This program can save you up to $4,000 in taxes. Prince Edward has a program as well with a maximum of $2,000 refund.

2. How Canada Mortgage and Housing Corporation Helps with Home Ownership

Canada Mortgage and Housing Corporation (CMHC) is a Crown Corporation of the Government of Canada. It exists to help make housing affordable to everyone in Canada and has developed several programs to help homeowners and first-time home buyers find more affordable options.

The First-Time Home Buyers Incentive Plan offers five to 10 per cent of the homes’ purchase price to put toward a down payment. These additional funds added to your down payment help lower your mortgage carrying cost.

The Government of Canada, essentially, partners with you in a Shared Equity Mortgage, taking a share of the increase or decrease in your property’s market value. There are specific criteria to qualify.

3. Home Buyers Plan Helps You Leverage RRSP Investment

Another great Federal Program is the Home Buyer’s Plan (HBP), which allows you to use a $35,000 Registered Retirement Savings Plan (RRSP) withdrawal to put towards your new home purchase. It is specifically designed to assist first-time home buyers in saving funds to purchase a home.

Normally, when you withdraw funds from your RRSP, you’re taxed on those funds. Under the HBP, you can withdraw up to the $35,000 amount in a single calendar year to put towards a down payment of your first home.

4. GST/HST New Housing Rebate Can Put Money Back in Your Wallet

It’s true! By buying a home you may qualify for a rebate on part of the GST or HST you paid on the purchase or cost of building your new home. In addition, you could save on the cost of substantially renovating or building a major addition onto your existing home, or on converting non-residential property into a house. There are multiple rebates you can claim, and the value of this rebate will vary based on which category your home purchase falls. Your accountant or tax office can point you in the right direction on this one.

5. Building Equity and Credit Gives Financial Benefits

Beyond the provincial and federal programs available, another key financial benefit to buying a home is to build equity. Not only will you own “more” of your home (a.k.a. equity), you also build a line of credit. This is a significant asset you can use for almost anything. A home equity line of credit (HELOC) is essentially a secured form of credit. The lender uses your home as a guarantee that you’ll pay back the money you borrow. You can borrow money, pay it back, and borrow it again, usually up to a maximum credit limit. 

If you have been renting because home ownership seemed out of reach, look at the requirements to qualify for these programs. You may be surprised at what you can save as a homeowner!

By Catherine Musgrove Jan 22, 2020