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The Office of the Superintendent of Financial Institutions (OFSI) has published its new B20 Lending guidelines coming into effect Jan 1, 2018. Some Brief highlights of the new changes:

As expected starting Jan 1 2018 The minimum qualifying rate for uninsured mortgages will be the greater of the five-year benchmark rate published by the BoC or the contractual mortgage rate +2%. So, if the rate on the clients’ mortgage is 3%, the client must qualify to carry the mortgage at 5% or if the rate is 5%, the client must qualify at 7%. I believe this change will provide a lot of opportunity for us as many A clients will now be pushed into the B space as they will not qualify under the new guidelines and many current B clients will go into the private space.

canadamortgageWelcome to Canada! Entering and settling in a new country can definitely be a big adjustment. If you’re planning to make Canada your home, then you’ve probably already started to think about buying  a new home.

First, you should know what it will take to secure a mortgage in Canada. As a new arrival here, you can secure the financing you need at competitive rates. 

daryl rissling mortgage blog canadas new mortgage rulesDue to the increase in Canadian household debt and rises in the Toronto housing market, the Bank of Canada has identified some major risks that may affect the financial system of our economy. However, in despite of this they seem to be confident that economic conditions will improve, nationally. They have hinted that they might increase interest rates in the near future.

IMG298WHWhether you’re new to canada or self-employed there is always a mortgage solution for you. Even if you’ve had past credit problems, you can still qualify for a mortgage. You just need to speak to a mortgage specialist. Sometimes banks aren’t always the easiest route, especially with all of the new mortgage rules in 2017. This is the main reason why private and alternative mortgages are rising in popularity amongst buyers.

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