ONKAR SINGH TOOR

MORTGAGE COMPLETED Many many congratulations to long term client for this beautiful house.

CMHC INSURED MORTGAGE APPROVED Congratulations to clients for first house in Canada.

Good News Genworth will follow old rules after 01 July for insured mortgageGood News Genworth will follow old rules after 01 July for insured mortgage

CMHC has announced following new changes effective July 1st,2020 Changes coming to insured mortgages only (less than 20% down payment) 1. Reduced Gross/Total Debt Servicing ratios from 39/44 to 35/42. (That means applicant will qualify for less)... 2. Minimum credit score required 680 for at least for one borrower; (Currently it is 600) 3. You can not borrow a down payment from a line of credit or any other source What is Gross/Total Debt Servicing ratios you may ask? This is how much of your total gross monthly income from all sources can go to pay for the following: -Monthly Mortgage payment with stress test -Monthluy Property taxes -Strata fees @ 50% if applicable - Monthly Heat payment -Other debts payments like car loan payment or student loan payment etc In nutshell client will qualify for less mortgage amount. Any question please call @ 604-202-2946 Onkar Singh Toor Mortgage Specialist Coast Capital Savings Residential Mortgages Construction Mortgage for Owners & Builders

More difficult to buy house from July 01 if down payment is less than 20% Call 604-202-2946More difficult to buy house from July 01 if down payment is less than 20% Call 604-202-2946

Bank of Canada is holding its key interest rate target at .25%. "...the impact of the pandemic on the global economy appears to have peaked, although uncertainty about how the recovery will unfold remains high." Please feel free to call me anytime @604-202-2946 if you have any questions for residential mortgages including CONSTRUCTION MORTGAGE.