Mortgage Lending Guidelines Tighten|See if you Qualify

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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!