Mark Wilson Mortgages
949 Garth Street L9C4L3 Hamilton, ON, Canada

We have 3 mortgage insurers in Canada and 2 of the 3 are not following suit of tightening their underwriting guidelines. Usually when CMHC makes a change Genwo...rth and Canada Guaranty follow. This is not the case because the change was not made by the Minister of Finance but rather CMHC themselves. This is one more example of why it is so important to work with a trusted mortgage professional who can provide you with the unbiased advice you need.

New CMHC guidelines coming July 1st. See below. 1)Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42; (This reduces applicants purchasing power) 2)Establish minimum credit score of 680 for at least one borrower (Minimum credit score use to be 600)... 3)Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. These rules will make it more difficult for anyone purchasing with less than 20% of a down payment. Message me to find out how much you can afford before and after July 1st!

Hope everyone is safe during these tough times. Here's a funny photo for you guys to start your day off right . . . #StayPositive

We have 3 mortgage insurers in Canada and 2 of the 3 are not following suit of tightening their underwriting guidelines. Usually when CMHC makes a change Genwo...rth and Canada Guaranty follow. This is not the case because the change was not made by the Minister of Finance but rather CMHC themselves. This is one more example of why it is so important to work with a trusted mortgage professional who can provide you with the unbiased advice you need.

New CMHC guidelines coming July 1st. See below. 1)Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42; (This reduces applicants purchasing power) 2)Establish minimum credit score of 680 for at least one borrower (Minimum credit score use to be 600)... 3)Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. These rules will make it more difficult for anyone purchasing with less than 20% of a down payment. Message me to find out how much you can afford before and after July 1st!

Hope everyone is safe during these tough times. Here's a funny photo for you guys to start your day off right . . . #StayPositive

Thankful to be Canadian!

This is a great read for anyone thinking of deferring their mortgage payments.