How This New Mortgage Rule Could Affect You
Due to the COVID-19 pandemic, many businesses have been affected, which has caused mass unemployment. The loss of jobs will directly impact the real estate industry, so the Canada Mortgage and Housing Corporation (CMHC) has introduced new lending standards to protect stakeholders.
The CMHC has tightened the approvals needed to secure a mortgage by changing the qualifying ratios. Hence, the qualifying credit score for mortgage insurance has recently increased from six hundred points to six hundred and eighty points.
The new qualifying ratio will be a hindrance for many home buyers who will require more income to pass the stress test. It means that the home seeker will also now have less buying power.
Home seekers should seek professional guidance, as the continuous changes in the mortgage rules have made it a specialized industry. Consequently, a mortgage broker will help you to get approved before submitting the mortgage to the lender.
As professionals, we work closely with clients, whether employed or self-employed, to qualify based on the latest rules and regulations. So, if you need expert mortgage assistance, get in contact with us today.
With many years of experience, Pash Financial / Mortgage Architects will assist you with all your mortgage needs, as we have access to over fifty lenders. Besides, our consultancy is rendered with no charge to the client, and we offer a wide array of services.
Our mortgage services include residential/commercial mortgages, new immigrant mortgages, self-employed mortgages, mortgage refinancing, debt consolidation, bad credit mortgages, second/third mortgages, investment property mortgages, and construction mortgages for clients.
We serve clients across Toronto, Mississauga, Vaughan, Markham, Scarborough, Brampton, Caledon, Ajax, Oshawa, Milton, Oakville, Burlington, GTA, and the surrounding areas.
If you have any questions about Pash Financial / Mortgage Architects in Mississauga, ON, please contact us by clicking here. To learn more about the other services we have to offer, please click here.