CMHC will no longer insure self-employed mortgages without income validation. So this is obvious now that self-employed people have better chances to get mortgage using mortgage brokers than regular lenders such as banks. It is extremely hard to navigate which lenders specialize in self-employed mortgages or have more favorable terms for the self-employed. Mortgage brokers…
Mortgage default insurance, also known as “mortgage insurance” helps Canadian buy a home sooner and with a lower down payment. It protects lenders against any loss caused by unpaid payments, or a property sale that does not generate enough money to pay the outstanding balance. According to The Financial Post, starting May 30th, 2014, Canada Mortgage and Housing…
Canada Mortgage and Housing Corp (CMHC) said late Friday April 25, 2014 it will stop insuring mortgages on second homes, effective May 30, 2014. Anyone who has an insured mortgage will no longer be able to act as a co-borrower on another mortgage that CMHC insures. In addition, it will stop offering mortgage insurance to…
