An email I received this morning from a lender sparked this one. They’re calling this a ‘great promotion’. I choose to differ… 2.95% for a five year mortgage! Sounds good and will most likely get the phone ringing. However, I would run, fast, away from this extremely restrictive product. Here’s the fine print which pretty […]
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No more CMHC second home or stated income
CMHC announced today that their second home and stated income programs will be no longer as of May 30th. It’s never good news when products, that we used often enough, are eliminated from our basket. These two aren’t used a ton, however, are very important. Especially for self employed borrowers. Their limitations of buying a […]
Pre-approvals – Should you get one?
This article is from the Globe and Mail. I’ve edited a bit to make it to add a little of what I do for my clients as a guide. Putting your full faith in a mortgage pre-approval is like betting on a heavy favorite in a horse race. You’ll probably win but there’s room for […]
CMHC Premiums for Self Employed and Rentals
We must not forget about the premium increases in the self employed, stated income, program as well as for rental properties. Rentals can’t be purchase with less than 20% down and generally the premiums are not included. Loan-to-Value Ratio Total Loan Amount Increase to Loan Amount Up to and including 65% 0.90% 1.75% Up to […]
New B21 Rules from OSFI – Not so bad
B-21. Here at Last There’s been so much speculation on whether OSFI’s long-awaited B-21 mortgage insurer guidelines will slow the housing market. Well, now that we’ve seen the draft, that seems unlikely. In fact, B-21 is simple, practical and sound policy, and most of the guidelines have already been adopted by lenders and insurers. Here’s […]