CMHC Changes Its Product Requirements On April 25th, 2014, CMHC announced that it will be changing the requirements for its insurance program. It will be discontinuing self-employed insurance applications without 3rd party income verification and second home insurance, as of May 30th, 2014. What does this mean for self-employed applicants? If you are purchasing a […]
April 2014 Industry Stats The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on April 8th, 2014. The major statistics are summarized as follows: Bank of Canada interest rate remains at 1% Prime lending rate remains at 3% The 5Y variable qualifying rate remains at 4.99% The Government of Canada […]