Shane Ferrao
47 Harbour Square M5J 2G4 Toronto, ON, Canada

Your Summer E-news is full of home & mortgage tips to keep you in the know, like What to Know Before you Start House Hunting Things to Know Before you Renovate What the Changes to the CMHC’s Mortgage Requirements Mean for our Homebuyers... New videos are available on our YouTube channel! Ask-an-Expert: The Big D - Debt Management The Cost of Breaking a Mortgage How are Mortgage Penalties Calculated? BE IN THE KNOW, SUBSCRIBE TODAY! Don’t hesitate to contact me with questions - message, call or email. Thanks again for your continued support and referrals.

If you are house-hunting, did you know about the new rule changes by CMHC that may impact your buying power as of July 1st? UPDATE: Genworth confirms it has no plans to follow CMHC's lead on stricter mortgage requirements. Canada Guaranty is expected to make a similar decision. What do the changes to CMHC’s Mortgage Requirements mean for our homebuyers?... Effective July 1, the following changes will apply to new applications that may impact your borrowing power. Please share this important message with your friends and family: Homebuyers will need a higher credit score. At least one borrower must have a minimum credit score of 680. No borrowed down payment. Non-traditional sources of down payment like a line of credit or credit card cannot be used. Less buying power for homeowners (13-9% reduction in the mortgage money you qualify for). Debt service ratios have been reduced. For example, a family with a $100,000 income that would typically qualify for a $500,000 condo purchase, now qualifies for only $443,000 maximum mortgage money. Contact us today to discuss what these new changes mean for your specific situation. If you need advice on your current mortgage, we are set up to help you online and on the phone, no need to meet in person. Now is a good time for an annual mortgage check-up. Give us a call to get started today. Your Passion. Your Home. Your Mortgage Broker.

Thanks McInnis & McKay - Re/max of Wasaga Beach Inc.

Please share this important message from Yourmortgageyourway.ca - The Mortgage Centre. You might be able to help someone in difficult times. It might be easy to worry in uncertainty. But try hard to stay focused on your long-term goals. Concern around the virus will disappear. #ratecut #bankofcanada #interestrate #rate #paymentdeferralprogram #keepcalm

The Bank of Canada just lowered rates again. Call us if you have any questions about your variable rate mortgage 416-640-0930. #mortgagerates #interestrates #rates #variablemortgage

Today, Minister of Finance, Bill Morneau, announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also know...n as the stress test. These changes will come into effect on April 6, 2020. The new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. https://www.canada.ca//minister-morneau-announces-new-benc