You’ll also only be able to spend up to 35% of your gross income on housing — including your mortgage, property taxes and utilities — and borrow up to 42% of your gross income, which includes your other loans and credit. Basically, your purchasing power as a potential buyer has been cut by up to 12%.It’s important to remember that, if you’re not a risky borrower in the eyes of the CMHC, these changes may not affect you at all.
“They are impacting a subset of borrowers who need mortgage insurance,” says Toronto-based broker Sean Cooper, author of the book Burn Your Mortgage. Even those homebuyers, he says, “still have options.” You see, the government doesn’t care whether it insures your mortgage. It just needs to know your mortgage is insured.
If you’re one of the Homebuyers excluded by these changes, you should look around for a lender that works with Genworth or Canada Guaranty, the country’s two private-sector providers of mortgage default insurance. Both have decided not to tighten their restrictions.
So ewsiddall warns private lenders/insurers on not lending/insuring risky customers and at the same time you teach risky buyers how to skirt the rules? So, what is next? Publishing an article to avoid paying tax without breaking rules?
CanadaIsCorrupt
That's an insanely irresponsible article
So the people the rules are made to protect... should skirt them?
As ewsiddall pleas with the other insurers to change their evil ways, NP is drumming up biz for them. I like it how they all followed CMHC when the premiums went up, yet view this change as an opportunity to scoop market share.
Do you have any tips on shoplifting and drunk driving?
gotta stay 1
Banana Republic 🍌 AlderLaneeggs wildwestbc
Uhhhhh WTF!!
Thanks for your patriotic duty to inform us how to skirt rules on mortgages. Cuz Canada
Lol how Canadian
cc Schtaunkhauser SteveSaretsky wakabalapakaba 🤔🤔🤔