Bayview Financial Services
115-7250 Keele Street L4K 1Z8 Concord, ON, Canada

Last week CMHC announced new set of tightening rules for insured mortgages. Please see previous post for details. There are three mortgage default insurance providers in Canada: the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty. CMHC has the lion share of the market, the other two are much smaller and typically follow CMHCs moves. Everybody was waiting to see if these two would implement the same changes his time. And o joy, they did ...not. So, Genworth and Canada Guarantee will stick to the existing underwriting policies. They are convinced that they are already doing the great job monitoring conditions and market developments. They are confident in their prudent adjudication and management of their mortgage insurance exposure. In simple language, they do not see the real estate market in those dark colors as CMHC. Actually, many industry experts do not see the future in those dark colors. For example, RBC and Capital Economics expect a 5% decline in home prices compared to last year, while CIBC is forecasting a 5-10% decline. What does all that mean for you? If you make good income but not a great saver, you can still borrow your downpayment. You just have to be able to qualify for a mortgage and the new loan that will be used as downpayment. If you credit score is 620 you can still get a new mortgage with as little as 5% downpayment. And if your financial ratios are tight, you can still get larger mortgage insured by Genworth or Canada Guarantee. Definitely, it will a relief for some people, but that does not mean that you can postpone you purchase because there is not pressure anymore. You know how agile everything is. Who knows, maybe in a month or two these companies will change their mind. If you need a consultation please DM or call 4168590612.

We rebranded, so new Instagram account was needed. Wile working on it, I thought about my own mortgage experience. I bought my first home some 20 years ago. When thinking about it, I realized that the process then was so much easier than it is now. But still, it seemed cumbersome and complex. I am so grateful to people who walked an extra mile to explain the mortgage options for me, and to make that purchase happen.... Looking back, I am so happy I bought that first townhouse as soon as I could afford, because owning that piece of real estate allowed me to start building equity, which later became the foundation in my real estate portfolio. So, I decided to dedicate this Instagram account to the First Time Home Buyers. I want to invite them to become home owners, so that they as well, can get on the real estate ladder as soon as possible. Today young people postpone homeownership because its complex and seems difficult to figure out. Many do not want additional responsibility, not ready or simple do not know where to start. I will decode and simplify the process of getting your first mortgage I will walk you through the process holding your hand I will show you the benefits and let you know everything you need to know in order to make you richer with the help of real estate I will keep you informed of all the changes, new mortgage products and mortgage rates Lets get on this journey together. We are here to help, so call us 416 859 0612, or DM me if you have questions.

Last week CMHC announced new set of tightening rules for insured mortgages. Please see previous post for details. There are three mortgage default insurance providers in Canada: the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty. CMHC has the lion share of the market, the other two are much smaller and typically follow CMHCs moves. Everybody was waiting to see if these two would implement the same changes his time. And o joy, they did ...not. So, Genworth and Canada Guarantee will stick to the existing underwriting policies. They are convinced that they are already doing the great job monitoring conditions and market developments. They are confident in their prudent adjudication and management of their mortgage insurance exposure. In simple language, they do not see the real estate market in those dark colors as CMHC. Actually, many industry experts do not see the future in those dark colors. For example, RBC and Capital Economics expect a 5% decline in home prices compared to last year, while CIBC is forecasting a 5-10% decline. What does all that mean for you? If you make good income but not a great saver, you can still borrow your downpayment. You just have to be able to qualify for a mortgage and the new loan that will be used as downpayment. If you credit score is 620 you can still get a new mortgage with as little as 5% downpayment. And if your financial ratios are tight, you can still get larger mortgage insured by Genworth or Canada Guarantee. Definitely, it will a relief for some people, but that does not mean that you can postpone you purchase because there is not pressure anymore. You know how agile everything is. Who knows, maybe in a month or two these companies will change their mind. If you need a consultation please DM or call 4168590612.

We rebranded, so new Instagram account was needed. Wile working on it, I thought about my own mortgage experience. I bought my first home some 20 years ago. When thinking about it, I realized that the process then was so much easier than it is now. But still, it seemed cumbersome and complex. I am so grateful to people who walked an extra mile to explain the mortgage options for me, and to make that purchase happen.... Looking back, I am so happy I bought that first townhouse as soon as I could afford, because owning that piece of real estate allowed me to start building equity, which later became the foundation in my real estate portfolio. So, I decided to dedicate this Instagram account to the First Time Home Buyers. I want to invite them to become home owners, so that they as well, can get on the real estate ladder as soon as possible. Today young people postpone homeownership because its complex and seems difficult to figure out. Many do not want additional responsibility, not ready or simple do not know where to start. I will decode and simplify the process of getting your first mortgage I will walk you through the process holding your hand I will show you the benefits and let you know everything you need to know in order to make you richer with the help of real estate I will keep you informed of all the changes, new mortgage products and mortgage rates Lets get on this journey together. We are here to help, so call us 416 859 0612, or DM me if you have questions.