June 21, 2012
Here we go again. The Office of the Superintendent of Financial Institutions had proposed new guidelines for mortgage underwriting back in March and final Residential Mortgage Underwriting Practices and Procedures were released to financial institutions today. Along with these, the Department of Finance announced new mortgage rule changes in an effort to limit the debt Canadians are amassing and to cool the housing market. Four new changes will come into effect July 9, 2012.
Good news regarding OSFI rule changes
This is just a quick note to let viewers know that IF you are one of the people with 20% or more down-payment and are in a position that the new OSFI rule changes affect your pre-qualification, that I can extend the current guidelines into the new year by up to 120 days provided that I have an application and am able to get a pre-approval in place with a lender for you before January 1.Read More
OSFI B20 mortgage guideline changes 2017 – Part 2
This is a continuation of the article published here about the OSFI B20 morgage guidline changes for 2017. If you are familiar with mortgage brokers at all (which you probably aren't) you would know that we also have alternative sources of lending for situations where a mortgage borrower will not qualify with a prime institution. We have what we call "B" lenders, who have higher rates but more flexible lending criteria, and we have private lenders, which are individuals and corporations who can lend money on on anything that suits them.Read More
OSFI B20 mortgage guideline changes 2017 – Part 1