Changes to the Qualifying Rates for Mortgages to 5.25% from June 1st!

By: Jay Rana

Changes to the Qualifying Rates for Mortgages to 5.25% from June 1st!

Tags: cmhc, first time home buyers, Toronto real estate, markham real estate, york region real estate, stouffville real estate, home buyer, home seller, first time home buyer, starter home, TREB, century 21, re/max, keller williams, royal lepage, purple bricks, redfin, ibuyer, market watch, realtor, homes4less, sellhomes4less, search realty, jay rana, GetRANA, re4l, Spring, Spring Market, Vegan Realtor, jayguaranteedsold, VIP Home Buyer Protection Plan, Father's day, Covid-19, Covid, Coronavirus

The Office of the Superintendent of Financial Institutions (OSFI) announced it will move forward with a proposed new qualifying rate for uninsured mortgages, reinforcing the mortgage underwriting principles outlined in Guideline B-20. As of June 1, 2021, the qualifying rate for all uninsured mortgages should be the greater of the mortgage contractual rate plus 2%, or 5.25%. The change raises the ...Read More

By: Jay Rana

CMHC Announces Changes to Policy for Insured Mortgages June 8 2020 - Jay Rana

Tags: cmhc, first time home buyers, Toronto real estate, markham real estate, york region real estate, stouffville real estate, home buyer, home seller, first time home buyer, starter home, TREB, century 21, re/max, keller williams, royal lepage, purple bricks, redfin, ibuyer, market watch, realtor, homes4less, sellhomes4less, search realty, jay rana, GetRANA, re4l, Spring, Spring Market, Vegan Realtor, jayguaranteedsold, VIP Home Buyer Protection Plan, Father's day, Covid-19, Covid, Coronavirus

The Canada Mortgage and Housing Corporation (CMHC) is tightening its rules to qualify for an insured mortgage. CMHC has announced that effective July 1, 2020, new applications for homeowner transactional and portfolio mortgage insurance would be subject to the following changes: Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to 35% and 42%, respectively; A minimum credit score of 680...Read More

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