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Posts by Lesley

Qualifying Rate Vs. Contract Rate

October 17 2016 there was a change to the mortgage rules for insured mortgages. An insured mortgage is one in which the borrower puts a down payment of less than 20% of the value of the property.  The new rule requires these borrowers to QUALIFY at the contract rate or the Bank of Canada posted…

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New Mortgage Rules

On October 3rd 2016 the Canadian Department of Finance announced stricter rules for specific types of mortgage products.  This is latest of many rule changes in the past eight years geared towards …. To see the specific details on the changes  got to http://www.fin.gc.ca/n16/data/16-117_2-eng.asp There have been many recent articles that review and explain these…

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