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New Mortgage Changes – Are you financially ready?

New Mortgage Changes Decoded This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions). The Changes To The…
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Stress Testing Vancouver – New Mortgage Rules

Stress Testing Vancouver Real Estate Under OSFI’s New B-20 Guidelines The Office of the Superintendent of Financial Institutions (OSFI) has published guidelines around regulations of mortgage lending. These changes will come into effect on January 1, 2018. OSFI Stress Testing Conventional Mortgages A conventional mortgage is one with a down payment higher than 20%. Basically,…
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More changes to Mortgage Rules – our commitment to help you

More changes to Mortgage Rules The following are the regulatory changes announced by the Office of Superintendent of Financial Institutions (OSFI) on October 17, 2017. OSFI has implemented 3 new mortgage rule changes starting January 1, 2018. Change 1: Qualifying Rate Stress Test To All Non Insured Mortgages Non insured mortgage consumers (buyers with a…
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Important Documents You Must Keep

Paperwork You Must Keep Important Documents Important Documents are needed when applying for a mortgage. Please read below to find a list of some of these Important Documents, that are often not thought to be associated with the mortgage process by clients. Separation Agreement When you apply for a mortgage one of the first question…
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