Candace

Current rates are truly unbelievable Buying a new home and require CMHC insurance? 1.74% for a 5-yr fixed may be available to you. Refinancing a current mortgage or have a down payment greater than 20%? No problem! Rates from 1.99% for a 5-yr fixed are also available.

Highly recommend Angela

Today’s Bank of Canada announcement, as expected, held the Overnight Rate at 0.25%. This is new Bank of Canada Governor Tiff Macklem’s first policy decision since becoming governor on June 3. Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues program of quantitative easing https://www.bankofcanada.ca//07/fad-press-release-2020-07/

I see this all the time ... borrowers using the free credit reports available online and surprised by the differences between the REAL credit report and those freebies. It’s important to remember that the credit score you see might not be the one the bank sees. That’s right. Lenders can (and do) order credit reports that are designed to meet their specific needs.

Now is the time to lock in a low rate I can tell you the Canadian banks will not keep rates down for long. As we recover and as demand increases, so will lending rates. Take advantage of this unique situation now. https://www.pressreader.com//calg/20200609/281728386751623

Good news to share regarding the July 1st CMHC update... Last week, CMHC announced changes to its internal underwriting policy effective July 1st. Genworth Canada (who is a private alternative to CMHC) confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements. Genworth Canada believes that its risk management framework, its dynamic underwriting policies and processes and its ongoing monitoring of conditions and market developments allow it to prudently adjudicate and manage its mortgage insurance exposure, including its exposure to this segment of borrowers with lower credit scores or higher debt service ratios.

Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio CMHC mortgage insurance: - The maximum gross debt service (GDS) ratio drops from 39% to 35% - The maximum total debt service (TDS) ratio drops from 44% to 42% - The minimum credit score rises from 600 to 680 for at least one borrower... - Non-traditional sources of downpayment that increase indebtedness will no longer be treated as equity for insurance purposes See more