Effective as of December 2024, the Canadian government has implemented a few significant changes to the mortgage regulations that are designed to provide more flexibility and accessibility for first-time home buyers and those with less than 20% down payment. Let’s...
With all the recent mortgage changes, your credit score is more important now than ever. Most Lenders rely on the “Equifax” score. Equifax calculates a credit “risk” score out of a maximum score of 900. A score of 700 or higher is considered an excellent score and...
We have had a few occasions already this summer where clients have been unaware of Identification requirements for a home purchase, switch of a mortgage up for renewal, or a refinance of an existing home. There is nothing worse than finding out on your closing day...
I thought I would share a link to the old PC Financial, now called “Simplii Financial”, which is ran/owned by CIBC. I have done the majority of my everyday banking with them for over 15 years, and if you are looking for “no fee banking” and...
See below an update on new B-20 Lending Guidelines As expected the updated “Stress test” will be applied to all mortgage borrowers(borrowing from any lender beginning January 1st of 2018). It has been clarified that the stress test rate will NOT apply for...
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