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Tuesday, July 5th, 2022

Analyzing CMHC Borrowers

Analyzing CMHC Borrowers POSTED IN: MORTGAGE INDUSTRY REPORTS AUGUST 30, 2014 ROBERT MCLISTER 2 COMMENTS What does an insured mortgage borrower look like? According to CMHCdata from last quarter, residential borrowers who paid for mortgage default insurance had: 8% equity on average (92% loan-to-value) Less than 10% down in almost 7 out of 10 cases 25-year amortizations, on […]

CMHC’s move to hike mortgage insurance premiums prompts competitors to follow – Ask a Vancouver Mortgage Broker

The cost of mortgage default insurance is about to go up for most consumers after competitors moved quickly to follow Canada Mortgage and Housing Corp.’s decision to raise premiums. In Canada’s housing market here’s what $500 K buys: A lake in Edmonton … a condo in Toronto The Canadian Real Estate Association has predicted that […]

Stricter Debt Ratio Standards on the Way – Consult with a Vancouver Mortgage Broker

Stricter Debt Ratio Standards on the Way By Rob McLister, Editor, If you’re a typical borrower, yourdebt ratios will largely determine if you’re approved for a mortgage. For applicants who push the limits of qualification, those approvals have been tougher to come by. That’s a direct result of last year’s mortgage rule tightening, which imposed stricter debt […]

HELOC Countdown Begins

Those interested in a readvanceable mortgage (or HELOC), valued between 66% and 80% of their home’s value had best act with haste. Lending limits for home equity lines of credit (HELOCs) could start falling as soon as the end of August, according to some new information. A trusted mortgage broker in Vancouver can help provide […]

The HELOC Clock Starts Ticking

If you want a HELOC orreadvanceable mortgageequalling 66%-80% of your home value, be ready to act soon. We’re hearing that some banks may start cutting back on their HELOC lending limits by the end of this month. These moves relate to OSFI’s new B-20 underwriting guidelines, which require federally regulated lenders to limit new HELOCs to 65% loan-to-value (LTV), from 80% […]

New Mortgage Rules Kick In

Effective today, mortgage shoppers with less than 20% equity are subject to thenew mortgage rules announced recently by the government. These regulations will cut buying power and refinance ability for a minority of Canadians. If these changes shut you out of the market, and if renting is not appealing, you don’t have a ton of options. One […]

Brokers ain’t lying down for OSFI

The federal regulator threatening to overhaul the guidelines lenders and brokers work under is now in receipt of the channel’s most exhaustive response to those proposals — in short, a list of what ain’t broke and don’t need to be fixed, say brokers. “It is important to note the many positive features of the Canadian […]

On The Way: More Stringent Mortgage Qualifications

OSFI, Canada’s banking regulator, is leaning on banks and other federally regulated lenders to clamp down on underwriting practices. It released these draft recommendations yesterday. After reading through 18 pages of changes in detail, our immediate reaction was frankly, concern. That’s not because the guidelines are greatly imprudent. Some are unnecessarily rigid, but most are sound policy. […]

Top 5 Mortgage Trends of 2011

Cheap money fuelled anotherbuoyant year for real estate in 2011. That helped housing values climb a wall of worry (prices rose another 4.6% Y/Y as of November) despite numerous predictions of a correction. Mortgage balances went along for the ride, growing another 7%. 2011 was a year marked by new mortgage regulations and a rate market that continually surprised most […]

Mortgage Options for Self Employed

May 15, 2009 by  
Filed under Featured Content

For self-employed borrowers, the general criteria that must be satisfied include: 2-years self-employed tenure is recommended, however some lenders will consider borrowers with less. Proof of self-employment tenure must be on file. For example, business license, T1 General etc. The “stated” income should be reasonable based on the type and size of the business. Strong […]

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