Credit Scores and Documentation Changes: In 2008, lenders were required to be more diligent proving a borrower’s ability to make mortgage payments.  Documentation requirements became almost painful.  Clients often lament about the lender wanting everything except their first born.  As consumer debt in Canada continues to increase, the government will continue to change lending rules […]

Maximum Amortization Changes: The second major change for mortgages in Canada is the maximum amortization period that a home owner can get.  Before 2008, a property owner could get a 40 year amortization.  In 2008, that changed from 40 years to 35 years.  In 2011, from 35 years to 30 years and recently, in 2012, […]

November Mortgage Rule Changes The result of the November, 2016 change is that many non-bank lenders have already cancelled the mortgage products available for rental properties and refinances.  The impact for Cornwall borrowers is already significant.  As a small market with a large rental portfolio, Cornwall borrowers looking to get refinance mortgages on their rental […]

Recent Announcements With the sudden mortgage changes announcements on Monday, October 5, 2016, came a flood of concerns about the impact of the upcoming changes.  In reality, these are just more major changes in the mortgage landscape in Canada.  While each change on its own is not completely overwhelming; the combined effect of these changes […]