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New Mortgage Rules and Maybe Rates – Calgary – Alberta

Hope this email finds you great and you're enjoying this warm weather....finally! So i received an email from a mortgage broker today informing me that all the default mortgage insurers (C.M.H.C, Genworth, and Canada Guarantee) will be increasing their premiums. Here's the important part...conventional mortgages may see a rate increase. For those that don't know, a conventional mortgage is when ... Read More »

New Mortgage Rules Makes it Harder to Get Mortgage – Calgary – Alberta – Canada – Real Estate

New Mortgage Rules Makes it Harder to Get Mortgage – Calgary – Alberta – Canada – Real Estate

So not only are out luxury homes suffering but now first time home buyers get the shaft! WOW The bank of Canada announced that as of October 18,2016, any insured mortgage applications (less than 20% down payment) must be qualified at the benchmark rate (today's benchmark rate is 4.64%) for mortgage approval. Currently, only variable mortgages, as well as any ... Read More »

Bill Morneau moves to tighten mortgage market, boost down payments – Politics – CBC News

It's a perfect time to increase down payments....NOT! Starting in February, the Canada Mortgage and Housing Corporation will require a 10 per cent down payment for the portion of any mortgage it insures over $500,000. The current five per cent rules remains for mortgages under $500,000. Source: Bill Morneau moves to tighten mortgage market, boost down payments - Politics - CBC ... Read More »