CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 10th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Rates are at all time lows Sep 20th

Rates are at all time lows and are expected to stay that way for a while! This means payments can’t go much lower. Let’s put interest rates and mortgage costs in perspective.  Here is what MORTGAGE PAYMENTS on a $400,000 mortgage look like with a 30 year amortization: .... More »

Latest in Mortgage News: Newton to Provide Free TransUnion Access to its 6,000+ Velocity Users + MORE Jun 28th

Starting today, the more than 6,000 mortgage brokers who use the Velocity mortgage operating system will gain free access to TransUnion credit reports for the remainder of the year. The offer is part of a campaign by Newton Connectivity Systems, which operates Velocity, to encourage greater diversif.... More »

Is your mortgage up for renewal during the pandemic? Here’s what you need to know Sep 8th

First things first: If you’re staying with your existing lender, then you typically don’t have to requalify..... More »

Latest in Mortgage News: Toronto Home Prices Set July Record Aug 9th

The rebound for Toronto home prices continued in July, with the average selling price reaching a record $943,710. That’s a 16.9% increase compared to a year earlier, according to the Toronto Regional Real Estate Board (TRREB). Home sales in the Greater Toronto Area were up 29.5% in July compar.... More »
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Deferred payments on your mortgage or credit card? How to handle the strain when payments restart this fall + MORE Jul 28th

Hundreds of thousands of Canadians have deferred debt payments since COVID-19 took hold. There are some simple things you can do now to make sure you’re ready when those payments resume..... More »
Following the announcement of CMHC’s new mortgage rules last week, Canada’s other two mortgage insurers, Genworth Canada and Canada Guaranty, confirmed Monday they will not be following CMHC’s lead. “Genworth MI Canada Inc….confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements,” the company said in a release. Similarly, Canada Guaranty said it “confirms that no changes to underwriting policy are contemplated as a result of […]

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On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic. 
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a higher credit score to qualify for CMHC insurance, and will require a homebuyer to use their own, and not borrowed, funds for their down payment.
COVID-19 “has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians,” said Evan Siddall, CMHC’s President and CEO. 
CMHC provides insurance that protects lenders if homeowners default on their mortgage. If a buyer has a down payment of less than 20% of the purchase price, mortgage default insurance is required, and is paid by the homeowner. Some properties, including those with a purchase price of $1 million or more, are not eligible for CMHC insurance. 
Siddall says the new rule changes will stabilize housing markets by reducing demand and putting a damper on “unsustainable housing price growth…

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