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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?

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. Depending on the amount of down payment the borrower puts on…

CMHC Tightens Lending Standards

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% down the following underwriting rules have changed: The minimum credit score…

Bank Of Canada Holds Key Interest Rate

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 interest rates are helping economic recovery. This is good news for mortgage borrowers since…

When Does It Make Sense To Refinance?

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 you pay. Aside from the financial benefits, you will also increase your credit score…

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