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 […]
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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 […]
An economists point of view
From a presentation a top economist in Canada I had the pleasure of seeing last week. Benjamin Tal Feb 2014 economic update (summarized bullet points):
CMHC Increases Premiums 2014
Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1-4 unit rental properties effective May 1, 2014. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply […]