CMHC

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Mortgage Insurance in Canada

Mortgage insurance is a kind of insurance that was developed to compensate financial institutions or investors should a homeowner default on their loan. It is required for any mortgage where the downpayment is less than 20%. Whether the mortgage insurance is public or private will depend on the institution that lends the funds. Where Can [...]

By |2019-03-10T20:29:20+00:00March 10th, 2019|Mortgage Products, Mortgage Tips|0 Comments

National Mortgage broker conference -B20

MORTGAGE STRESS TEST ADDRESSED AT THE CONFERENCE On Monday Oct 29 2018, CMHC addressed a few questions regarding the regulatory changes in the mortgage industry at the National Mortgage Broker conference The mediator for this seminar was the President of the "Mortgage Professionals Canada". The discussion was mainly about the Mortgage stress test ie; B20.  CMHC [...]

By |2018-12-21T20:13:31+00:00October 31st, 2018|Mortgage Rules, Stress test|Comments Off on National Mortgage broker conference -B20

Mortgage Newsletter

CMHC cutbacks announced The budget announcement quietly slipped in changes to government-backed mortgage insurance, including reductions to the amount of new guarantees CMHC will provide. “The Government continues to adjust the housing finance framework to restrain the growth of taxpayer-backed mortgage insurance and securitization,” the budget report states. “These measures will support the stability of [...]

By |2017-01-04T00:58:51+00:00February 19th, 2014|Economy|0 Comments

New Immigrants – Buying your first home.

GETTING PRE-APPROVED BEFORE SHOPPING It’s a good idea to sit down with your mortgage broker/ specialist to discuss your needs and get mortgage pre-approval.  Pre-approval means that your lender commits to giving you a mortgage up to a specified amount, at certain terms and conditions, including the interest rate. This commitment will be valid for a [...]

By |2017-01-04T00:58:57+00:00February 10th, 2014|Uncategorized|0 Comments

Jim Flaherty Receptive to the idea of ending CMHC

The International Monetary Fund recently suggested that Canada should consider winding down government backing of mortgages — and Finance Minister Jim Flaherty is sounding receptive to the idea. Ending or limiting the activities of Canada Mortgage and Housing Corp., the government-run mortgage insurer, would certainly rock the country’s real estate business to the core, as [...]

By |2017-01-04T00:58:57+00:00December 12th, 2013|Economy|0 Comments

Flaherty charges CMHC new risk fee on mortgages

Finance Minister Jim Flaherty is taking another step to curb taxpayers’ exposure to the housing market, by charging Canada Mortgage and Housing Corp. a new risk fee. As of Jan. 1, the Crown corporation will have to pay the government a fee equivalent to 3.25 per cent of the mortgage insurance premiums it writes and [...]

By |2017-01-04T00:58:57+00:00December 5th, 2013|Economy|0 Comments

CMHC Mortgage default Insurance

No one wants to inflate a housing bubble by encouraging folks who can’t afford the debt to buy. But many creditworthy first-time homebuyers are paying much more than they should have to for a significant portion of their housing purchase. When it comes to mortgage default insurance, Canadians get little choice and sky high prices, [...]

By |2017-01-04T00:58:57+00:00November 25th, 2013|Economy|0 Comments

Canadian Mortgage Rules

Changing regulations in Canada’s mortgage market Since 2008, the federal government has made several changes to the rules for mortgages insured through the Canada Mortgage and Housing Corporation (CMHC) and other private sector mortgage insurance providers. These rules affect home buyers with less than a 20 per cent down payment and these changes will impact [...]

By |2017-01-04T00:58:58+00:00October 31st, 2013|Mortgage Tips|0 Comments

CMHC Mortgage Insurance

OTTAWA--Canada's government-backed mortgage insurer said it will cap the amount of mortgage-backed securities it is willing to guarantee, in the latest move by officials here to temper Canada's housing sector. In a directive to lenders issued last week, Canada Mortgage and Housing Corp. said that, "effective immediately," it will guarantee only 350 million Canadian dollars [...]

By |2017-01-04T00:58:59+00:00August 6th, 2013|Economy|0 Comments