OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages.
Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.
OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.
Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.
OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.
A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law…”
Changes may be well intended but may also bring some questions, is our duty to help!
If you are looking for a mortgage and would like this to be explained with details feel free to contact me
The Dufferin County Homeownership Component program is designed to provide moderate income individuals and families with an interest-free down payment assistance loan to help them in purchasing their own home.
The Dufferin County Homeownership is an affordable housing program and might provide you with an interest-free down payment assistance loan of up to five percent (5%) of the cost of an eligible home, to a maximum of $20,000.00.
To be eligible for down payment assistance you must be a renter household and meet the following criteria:
Combined gross household income at or below $88,000
Must not currently own a home or have a legal interest in a property
Must be buying a sole and principal residence within the County of Dufferin
Have assets of no more than $20,000.00
Must not owe any social housing arrears, including damages
The Region of Waterloo affordable home ownership offers to allocate for families and individuals with the 5% down payment in a forgivable loan to help them purchase a home with the intention of living in it.
The residential property must be:
In the Region of Waterloo
A maximum purchase price of $243,300
Approved by the region of Waterloo
To be eligible to qualify for this program families and individuals must:
The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent
Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.
The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.
The Toronto mortgage agent of Mortgage Edge to get your first, second mortgage or line of credit that you need, apply online and deal with many mortgage lenders
We can save you thousands of dollars on your residential mortgage, complete your online application, click on the top right banner now
From your Toronto mortgage agent, you have quick personalized service and get your mortgage loan approved.
Don’t worry about your credit, submit your online application and let’s get it done now!
If you already own a property, request a property value & comparable sales report when you complete your online mortgage assessment
If you have questions about what type of mortgage you need, learn about the following mortgage products
Whether you are looking for a mortgage to purchase a home, refinance your existing mortgage and your other loans or credit cards in order to pay less interest, or if you are looking for a commercial mortgage to finance your business, you can call me to help you get that financing that you seek.
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New to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.
The New to Canada mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.
The following are some borrower qualifications for the New to Canada Mortgage:
High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
Amortization up to 30 years in Conventional & 25 years insured mortgages
No 3rd party/Guarantors
Number of units, Max 2
Must provide valid work permit or verification of landed immigrant status
International Credit Report or 2 alternative sources of credit
Bank reference letter or 6 months bank statements
3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
Different percentages of cash back (1%, 2%, 3%, 4%, 5%) are offered by different lenders, some mortgage lenders allow you to use your cash back to purchase new furniture for your new home, home remodeling or restorations, some for legal fees and some even for down payment.
With a cash back mortgage, you extend the repayments through your mortgage amortization period making it easy to repay
In a cash back mortgage, the mortgage rates may not be as low as in a conventional mortgage where at least a 20% of the purchase price of the property has to be invested upfront by the borrower, however, the rates are much lower than other financing channels like credit cards or personal loans.
Zero down payment mortgage is a Mortgage loan offered by only some lenders that offer a 5% cash back, that can be used towards the down payment.
It helps realize the dream of homeownership even before the down payment has been saved.
If you are currently renting and prefer to own your own home, but you haven’t been able to save enough for your down payment, this is your chance call now
To qualify for aZero down payment mortgage you to have good credit (read below), a steady source of income that can show your capacity to repay the loan, (we’ll do the math together) and savings of about a 1.5% of the value of the property that you are seeking to purchase
Excellent credit is necessary for the zero down payment mortgage when available.
Click here to apply for your zero down payment mortgage or other mortgage options if necessary