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At Mortgage Intelligence we pride ourselves in providing not just mortgages, but an understanding of what it takes to get the right mortgage and how to save thousands once you have one. First Time Buyers can staill buy with Zero Down if they have good credit and a stable income. Cash Back Mortgages are designed to provide a down payment when buying your first home. Ask us about using your RRSP as a down payment and get 15 years to repay it.

 

Our team is dedicated to eliminating your stress and doing all the rate shopping for you. The Power of Mortgage Intelligence means you'll get the most competitive rates and the widest choice of mortgage types with one click of the mouse!  Apply today!  Get pre-approved and buy your dream home tomorrow! 44% of First Time Buyers use Mortgage Brokers!

 



Home Blog Blog Mortgage Lending Guidelines Tighten|See if you Qualify

Mortgage Lending Guidelines Tighten|See if you Qualify

Mortgage lending is tightening more each day.  The current economic climate has changed the face of borrowing in Canada.

Gone are the Sub-prime Lenders. Gone! Banks only want the cream of the crop borrowers!

There are some firms who will still do second mortgages at astronomical rates with high fees to the client, but only if the client has 20% down from their own sources. The Banks, or “A” Lenders are only looking for the strong borrowers with good credit and provable income.

CMHC is less flexible now that most Lenders will not insure a deal with Genworth. CMHC, Canada’s government-owned Insurer guarantees 100% of the mortgage money that Banks lend, while Genworth, a private Insurer only guarantees to 90%.

Since CMHC has virtually no competition right now, they are tightening their guidelines, asking for more appraisals before giving their approval and taking a week to do them, hence making Mortgage Agent and Realtor jobs tougher than ever before.

If you are thinking of buying a home, or need a mortgage for refinance, apply now!

Carmela, Kelly and I would be pleased to help you!

 

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