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.
Edmonton Mortgage News
While the problems in the credit market were obvious for months, the COVID19 crisis further exposed the significant problems in the system.
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.
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.”
Ron Lefebvre explains the impacts of the Liberal plan and the Conservative plan for supporting first-time home buyers on today’s radio broadcast of The Ryan Jespersen Show on 630 | CHED.