If you are still planning to take advantage of the 100% financing and or the 40-year amortization programs, you have a little over one month to buy a property and submit your application. The deadline for receiving back your approval from the lender AND the insurer is October 15th.
I expect there will be a good number of applications submitted for approval on October 14th so if you were smart you would avoid waiting to the last minute. I would try and firm up your offer on a house by October 10th at the latest. You can close or move in to the property after October 15th, but you approval(s) must precede October 15th.
Also, keep in mind that very few lenders are now participating in the programs. Despite the insurers' October 15th deadline, most lenders decided to withdraw their participation if not immediately, very soon after the announcement. That means the only a few lenders will be looking after the additional workload approaching the deadline and the turnaround times will be that much more delayed.
Good luck finding the house you want in time.
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Circle Mortgage has the ability to meet virtually with a client in any part of Canada but more importantly the advice we offer when we do meet takes into account the needs of each individual client. Some of you may be refinancing to pay for your child’s wedding, others may just be getting ready to move out on their own.
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