Friday Mortgage Round Up: June 15th, 2012
Mortgage News / Mortgages

Friday Mortgage Round Up: June 15th, 2012

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. Continue reading »

OSFI Relaxes Proposed Changes to Mortgage Renewal and HELOC Guidelines
Mortgage News / Mortgages

OSFI Relaxes Proposed Changes to Mortgage Renewal and HELOC Guidelines

Great news for homeowners! OSFI has revised proposed changes made in March to mortgage renewal and HELOC guidelines. The changes, which would have subjected home owners to a new credit risk check upon renewal, as well as imposed an amortization rate on home equity line of credit, were revised in light of criticism that they would cause more harm than good to the Canadian housing market. Continue reading »

Friday Mortgage Round Up: March 23rd, 2012
Mortgage News / Mortgages

Friday Mortgage Round Up: March 23rd, 2012

It seems that every month now there are new principles and policies that are being set out by regulatory agencies in Canada which make it increasingly difficult for consumers to qualify for mortgages. Earlier this week on March 19th, OFSI issued a draft aiming to tighten the mortgage underwriting process and lending guidelines and are looking for industry personnel and other parties involved to provide feedback towards these proposed best practice changes. Continue reading »