Any mortgage in Canada with less than 20% down must have insurance. The national provider of mortgage insurance is the Canada Mortgage and Housing Corporation (CMHC).
The main changes that CMHC has announced have to do with debt service ratios and credit score requirements for CMHC-insured mortgages. The new requirements are:
What does this all really mean? In a nutshell, these new rules mean that you may not be able to get a mortgage for the home you really want today after July 1.
Trying to figure out your gross debt service ratio, total debt service ratio or getting your credit score can be complicated, confusing and not the best use of your time. The best people to speak with are your bank or a mortgage professional.
Avalon has a long withstanding relationship with Justin Woods at The Mortgage Centre who can help you with your qualifying and pre-approval needs.
For more information about The Park at Garden Heights, please visit our two new showhomes at 27 Gair Close.
Monday – Wednesday: 12 – 5 pm
Thursday & Friday: Closed
Weekends & Holidays: 12 – 5 pm
The July 1st deadline is fast approaching, so if you’re thinking of a new home, it may be prudent for you to buy now and firm your deal by June 30th.