Today marks an important day for insured mortgage changes that could impact you as a first-time home buyer! What is an Insured Mortgage? This applies when the borrower has less than a 20% down payment. What's New in Insured Mortgages? 30-Year Amortizations Expanded Now available to first-time homebuyers (FTHBs) of any owner-occupied home, in addition […]

Today, September 24, 2024, the federal government announced updated parameters for mortgage lenders and insurers to begin offering insured mortgages as of this coming December. These new criteria will apply to all of your first-time homebuyers and all buyers of new builds. The expanded parameters include: expanding the eligibility for 30-year amortizations and increasing the […]

On June 20th, 2021 the Office of the Superintendent of Financial Institutions (OSFI) announced that as of June 1st, 2021, uninsured mortgages will be required to qualify at the greater of the mortgage contract rate plus 2 percent or 5.25%. That is up from the current qualifying rate of 4.79%. Further, the Deputy Prime Minister […]