• Home Purchase/Buying Basics
    Buying a home is a milestone in everyone's life. It symbolizes that you are independent and have achieved the stability of living a relatively comfortable life. Here are a few things
  • This means a couple of things. The most important thing to realize is that the lender will not just fork over a new, lower interest rate. You will be asked to bring in income documentation
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New Mortgage Rules

New mortgage rules

After Nov. 30, 2016, Canadian residential mortgages can be put into two big categories:

Insurable versus Un-Insurable mortgage:

1). For insured or insurable mortgages, the applications have to meet the following parameters:

What Do The New Rules Mean For Borrowers?

In response to Federal government’s mortgage rules change announcement on Oct. 03, 2016, all the lenders have implemented the new rules in the past few weeks and now the new lending guidelines are in effect.

Here is a brief summary of the new rules:

1). For insured and insurable deals, the applications have to meet the following parameters: