Mortgage Stress Test Rate Reduced
Effective 11:59PM on August 16th, 2020, Canada’s Mortgage Stress Test rate will fall to 4.79% from the current rate of 4.94%. This will allow borrowers the ability to qualify for a slightly higher mortgage amount. Five-year posted mortgage rates at Canada’s big banks have inched lower in recent weeks, enough to compel the Bank of Canada…
What Is Mortgage Insurance?
June 19, 2020 What Is Mortgage Insurance? Written by Easy Mortgage Mortgage insurance, better known as mortgage default insurance is a mandatory requirement for “high ratio” mortgages (mortgages with a down payment under 20%). The purpose of mortgage default insurance is to protect the lender in case of borrower default and foreclosure on the property.…
CMHC Tightens Lending Standards
June 5, 2020 CMHC Tightens Lending Standards Written by Easy Mortgage On July 1, 2020 it will be harder for Canadians to qualify for an insured home purchase mortgage due to changes announced June 4th, 2020 by the Canada Mortgage and Housing Corporation (CMHC). If you’re looking to purchase a home with less than 20%…
Bank Of Canada Holds Key Interest Rate
June 3, 2020 Bank Of Canada Holds Key Interest Rate Written by Easy Mortgage The Bank of Canada kept its benchmark interest rate steady at the effective lower bound of 0.25 percent on June 3rd 2020, as widely expected. Policymakers noted that the COVID-19 pandemic hit output and employment, but fiscal actions combined with lower…
When Does It Make Sense To Refinance?
June 1, 2020 When Does It Make Sense To Refinance? Written by Easy Mortgage There are many instances when it makes good financial sense to refinance a mortgage instead of just renewing it for another term. When you refinance your home, we will save you as much money as possible by minimizing the amount of interest…
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