July 24th, 2014 Mortgage Industry Update Interest rates this week remained the same. No major changes were observed and interest rates are likely to remain stable for the month of July. Additionally this week: Some major lenders reduced their lending criteria slightly, allowing a easier borrowing process Royal Lepage reported that a limited supply of […]
July 16th, 2014 Mortgage Industry Update Interest rates this week remained the same. No major changes were observed and interest rates are likely to remain stable for the month of July. Additionally this week: The Bank of Canada maintained its overnight interest rate at 1%. The Canadian housing market beat expectations with resales going up […]
July 9th, 2014 Mortgage Industry Update Interest rates this week remained the same. No major changes were observed and seems like the beginning of July has got off to a smooth start. Interest rates are likely to remain stable for the month of July. Additionally this week: CMHC released the number of housing starts for […]
CMHC Implements Its Changes CMHC implemented its changes yesterday, May 30th, 2014. CMHC is now discontinuing self-employed insurance applications without 3rd party income verification and second home insurance. However, it appears that the two private insurers, Canada Guaranty and Genworth Financial, have not implicated any major changes. The only change observed with Genworth was that […]
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 […]