Mortgage

CMHC Announces Changes to Mortgage Guidelines

June 5, 2020 By Benchmark

Yesterday afternoon, The Canadian Mortgage and Housing Corporation, better known as CMHC, announced changes to its mortgage insurance underwriting and acceptance criteria. These changes take effect on July 1, 2020 and will impact those applying for mortgage financing. If you want to buy a home with a down payment of less than 20 per cent, you’ll need mortgage loan insurance so being aware of this now can certainly help you.

Breaking your mortgage early

June 1, 2020 By Benchmark

It’s impossible to plan on many of the unexpected things that life can throw at us; job loss, illness, divorce, or as we’ve seen recently with a global pandemic like Coronavirus (COVID-19). There are many reasons why you may need to break your mortgage early, and while it’s not something you plan for when you first sign your mortgage term, it is something that’s increasingly becoming more important to consider over the interest rate itself.

Edmonton homeowners can benefit from lower rates

March 12, 2020 By Benchmark

With so much in the news recently on mortgage rates, Ron Lefebvre explains the impacts of what the recent rate cut could mean for Edmonton homeowners, along with other helpful insights on this radio broadcast of The Ryan Jespersen Show on 630 | CHED.

What the Bank of Canada Rate Cut Means to You

March 7, 2020 By Benchmark

“It is becoming clear that the first quarter of 2020 will be weaker than the Bank had expected” stated the Bank of Canada in their March 4, 2020 media press release.

The Mortgage Stress Test is Changing

February 18, 2020 By Benchmark

Today, Minister of Finance, Bill Morneau, announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test.”