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% […]

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. […]

Mortgage Options for Self Employed

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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