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October 2016

Found 1 blog entry for October 2016.

MORTGAGE Lending rules as of October 17/16 The federal finance minister recently announced new guidelines for Banks & lenders. As of Oct 17/16, any bank granting mortgage financing will now have to have the Buyer qualify at the Banks posted 5 year rate ( currently hovering approx at 4.64%) on mortgage that require CMHC insurance or any of their competitors! Prior to Oct 17th, any Buyer who was obtaining a mortgage with 5-19% down payment was able to qualify at the lenders discounted rate of approx 2.35-2.4%.

What does this mean to Buyer's? With these changes to mortgage lending it will reduce the Buyer's mortgage limits! As an example if a couple are purchasing a home and their annual income is $100,000. With a 5% down payment and good credit rating

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