11 Jun

** Genworth Canada Alert **

General

Posted by: Croydon DeMello

‘Genworth Canada confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements.’ – Genworth Canada This means you can have a bit more purchasing power with Genworth Canada compared to CMHC.

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4 Jun

** CMHC ALERT **

General

Posted by: Croydon DeMello

Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to our standard requirements of 35/42; Establish minimum credit score of 680 for at least one borrower; and Non-traditional sources of down payment that increase indebtedness will no longer be […]

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27 Mar

** Prime Rate Alert **

General

Posted by: Croydon DeMello

‘The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.’ – Bank Of Canada

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