The days of 30-year high ratio mortgages are over as the mortgage rule changes announced June 21st by the Department of Finance go live today. While the changes have been put in place to cool an overly aggressive housing market and curtail Canadians’ debt to income ratio levels, it’s the short term implications that have everyone from first time home buyers to brokers wondering – what’s it going to cost?
CAAMP’s semi-annual report has arrived, and it’s full of latest stats and issues surrounding the current state of Canadian mortgages. A big point of interest lately are the draft guideline changes proposed by the OSFI. Federally-Regulated Financial Institutions have reviewed the recommendations, and the verdict is in on renewals, HELOCs and AVMS. Read on to find out what will change and what will stay the same – and how it’ll affect you.
There have been talks about Canada’s subprime mortgage industry getting out of control as the banks turn more and more clients away who have less than perfect credit. Who are these so called less than perfect clients turning to?
When it comes to a mortgage, the first thing most people want to understand is how much can I borrow, or how much can I afford. Nobody wants to make the mistake of biting off more mortgage debt than they can chew! Here’s how much you can afford.
Over the last few years access to banking products and services has become even more complex given new laws and regulations designed to prevent money laundering. For newcomers to Canada, securing a mortgage can be a bit tricky. Here’s what you need to know.