Most people either don’t pay attention to what their credit score is doing or don’t realise that they have the ability to keep track of it.
Why is this important? When you are about to make the biggest purchase of your life… a home… most people require financial help from their bank. This is when your credit score hits you in the face! All your financial nightmares or mishaps will catch up to you and it can soon reduce the excitement of your first home purchase to tears.
I speak to many people who are out looking for their 1st home, maybe even moving up to something bigger, and think they have a very good idea of what they can afford. This couldn’t be furthest from reality. To save yourself from the disappointment of finding out that you have been denied financing at the point of making an offer on a home, take one step back and head to a mortgage professional! The banks and CMHC are tightening up the rules once again! It is critical to determine what you can afford prior to making the offer.
Effective July 1st, 2012 new home enrolment fees have dropped by $150. This is good news for you, if you are about to purchase a new home from a builder in which the Tarion enrolment fees are extra.
Also, there has been a significant reconstruction of the Seven Year Warranty framework: