by Geoff | Oct 18, 2017 | Market Updates, Mortgage Insurance, mortgage trends
On October 17, 2017, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note...
by Geoff | Dec 23, 2016 | mortgage trends
Rent to Own (RTO) Rent To Own contracts are more than just paying rent to the Landlord and applying the rent toward the purchase of the property. There are details that you need to know when entering into a Rent To Own contract. What is Rent to Own...
by Geoff | Nov 4, 2016 | DLC, Finances, First Time Home Buyers, Getting a Mortgage, mortgage trends, Rates, Refinancing
What is the maximum mortgage amount one now qualifies for with the rules that came into effect on October 17th? Short answer: LESS. A minimum of 20% less, in fact. Before October 17th, the lenders calculated the maximum mortgage amount based on the contract rate of...
by Geoff | Oct 27, 2016 | DLC, Economy, Market Updates, mortgage trends
The Canadian Mortgage and Housing Corporation (CMHC) issued its quarterly housing market assessment and outlook yesterday, suggesting that, for the first time ever, there are “problematic conditions” in housing markets at the national level in Canada (see table below...
by Geoff | Oct 18, 2016 | mortgage trends
With the up and coming changes to Mortgages on October 17th, we took a moment to look back at the evolution of the mortgage, and to highlight these new changes and what they mean LOOKING BACK BEFORE 2008 During this time, lending and mortgages were much...
by Geoff | Oct 12, 2016 | DLC, Finances, First Time Home Buyers, Getting a Mortgage, GLMG Services, mortgage trends, Rates
By now you will have likely heard that the Federal Finance Minister has made drastic changes to mortgage lending rules making it tougher to qualify for a mortgage. For Canadians with less than a 20% down payment, their purchasing power has been dramatically reduced....
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