New Down Payment Rules for Mortgages Over $500,000

Rule changes that come into effect starting Feb 15, 2016 and the dates that everything gets effected. Minimum Down Payment Policy Changes for all CMHC and Genworth Applications As a reminder, on December 11th, 2015, the Government of Canada announced the minimum down payment requirement will be increased from 5% to 10% on the portion … Continue reading New Down Payment Rules for Mortgages Over $500,000

Being To Rate Focused Can Come Back To Bite You

Everyone loves a low rate mortgage. The less the rate the less you're paying the lenders, The less you pay the lenders the more that goes into your pocket. You do have to remember that not all mortgages are created equal. Some deep discounted mortgages have restrictions on your pre-payment or pay out abilities. Some … Continue reading Being To Rate Focused Can Come Back To Bite You

More Mortgage Changes Coming March 18!

I am sure you have heard about the new mortgage rules coming in March. I thought I would just send out a note just in case you haven’t. Here is the official press release from the Department of Finance http://www.fin.gc.ca/n11/11-003-eng.asp The government has made 3 rule changes coming on March 18. 1. Amortization will be … Continue reading More Mortgage Changes Coming March 18!

Regional Mortgage is Joining Dominion Lending Centres

The best mortgage company in Red Deer is joining up with the best mortgage company in Canada. We will be changing our name to Dominion Lending Centres - Regional Mortgage Group or DLC Regional Mortgage Group. Dominion Lending Centres offers great training and education to all their mortgage partners. With this training we will be that … Continue reading Regional Mortgage is Joining Dominion Lending Centres

Stated Income Mortgages Are Still Available!

Back on April 19th CMHC announced their new rule changes. For Self Employed people these changes did not help. CMHC changed their rules for those Self Employed for more than 3 years. They need to qualify using traditional claimed income submitted to the government. This is usually based on the Average of the last 2 … Continue reading Stated Income Mortgages Are Still Available!