19
Apr
New Mortgage Rules Start Today
Today is day one of the government’s new mortgage rules. Here’s a quick rundown of the key points… QUALIFICATION RATE The biggest rule change affects borrowers who put down less...
Archive for the ‘Mortgage Regulations’ Category
24
Mar
FSCOs 2010 Priorities
FSCO, the regulator for Ontario’s 8,342 mortgage agents, has issued it’s “Statement of Priorities” for 2010. Some of it’s main priorities include: Reviewing "Continuing Education needs for…mortgage agents and brokers...
12
Mar
Pre-Approvals After April 19
Here’s a question: Suppose you get pre-approved before April 19 and you’re putting down less than 20%. What happens if you don’t sign a purchase agreement until on or after...
11
Mar
Official Announcement on Qualifying Rate
We can now officially announce what many of you already know. Direct from CMHC: On March 5, 2010, CMHC communicated to Broker organizations and CMHC-approved Lenders how the “five-year fixed...
9
Mar
Insured Stated Income Programs Tighten Up
CMHC has felt for a while that too many people apply for stated income mortgages that shouldn’t. Therefore, effective April 9, CMHC is adding more restrictions to its Self-Employed stated...
6
Mar
Posted Is The New Qualifying Rate!
Effective April 19, all high-ratio insured mortgages that have a variable rate or a fixed term under five years will be qualified using the greater of: the chartered bank 5-year...
4
Mar
Federal Budget Mortgage Initiatives
The federal budget has just been announced. Below are some of the implications for the mortgage market: Pre-payment Penalties: The government will “bring forward regulations” to standardize the calculation and...
26
Feb
Lender Underwriting Before April 19
So far, we haven’t seen any lenders officially announce tighter lending guidelines prior to the government’s April 19 mortgage rule changes. That said, don’t be surprised if some lenders do—once...
18
Feb
Update From the Finance Department
Just in from an official at the Finance Department: “The Government will provide additional details shortly” on which rate will be used to qualify mortgages starting April 19. That, of...
17
Feb
Devilish Details From Yesterdays Announcement
Yesterday’s mortgage rule changes sparked as many questions as answers. Here’s what we know (to the best of our knowledge) at this point. The quotes come from an insurer memo...