Mortgage Broker, Rodel Jimenez
890, 10201 Southport Road SW T2W 4X9 Calgary, AB, Canada

Just a reminder that tomorrow's mortgage rules changes only affect CMHC insurers mortgages. Mortgages insured with Genworth Financial and Canada Guaranty will not be affected. Please feel free to ask me any questions you may have.

To my valued clients: Due to high volumes, the most efficient form of communication for me will be by email. For any questions about your mortgage or updates, please email me at [email protected]. If this is an urgent matter, please call/text me at (403) 554-2411. I will do my best to get back to you by the end of the business day.... Thank you for your patience and understanding. : )

NEW MORTGAGE QUALIFYING RULES AS OF JULY 1 (insured mortgages - purchases and transfers/renewals): Reduced Debt-to-Income ratios - from 39% GDSR to 35%; from 44% TDSR to 42%. This is reduced the maximum purchase price you will qualify for. Minimum credit (Fico) score from 600 to 680 from at least one applicant. If one or more applicant's score is below 680, neither will qualify for an insured mortgage.... Non-traditional down payment, such as borrowed funds (flex down), gifted funds from NON-IMMEDIATE FAMILY, and grants are no longer allowed. If you are pre-approved today and are shopping for a home, you should write an offer and acquire a mortgage approval BEFORE July 1.

**PLEASE READ** A Mortgage Broker is not about simply getting the lowest rate (all banks and lenders all offer very similar rates). It's about being educated on what it is that you are actually signing up for. This Ontario Realtor was charged a penalty of $29,000 to break her mortgage! Had she gone with me for her mortgage, she would have known that most "Big 5" banks charge an average of 4% to 4.5% (of the total principal balance) to break a mortgage near or at mid-term. ...With most of my monoline/non-bank lenders, she would have been charged only 0.82%*. *Assuming an interest rate of 3.34% (average 5 year fixed rate in June 2018) #yycmortgagebroker https://www.cbc.ca//bu/mortgage-penalty-pandemic-1.5588741