GTA Mortgage Agent

01/05/2022

Specializing in private lenders with all types of alternative lending solutions - 2nd mortgage, new to Canada, self employed, private financing, farm land financing, equity take out as well as Commercial Lending including CONSTRUCTION FINANCING, LAND FINANCING, BRIDGE FINANCING, COMMERCIAL FINANCING, MEZZANINE FINANCING, DEMANDED MORTGAGE

01/25/2021

Get 1st, 2nd or 3rd mortgages.

Loan amounts from $50,000 to $1,000,000

No minimum income qualification

Purchase , Refinance or ETO

All residential house, condo, townhouse etc....

01/25/2021

CMHC changes to rules that came into effect on July 1, 2020.

When do you use CMHC ? When you are unable to make a down payment of more than 20 % and the lender deems that the mortgage be insured through CMHC.

Important Note - Taking out CMHC insurance does not absolve the mortgagor of his or her rights and obligations. CMHC insurance protects the lender in case the mortgagor defaults on the mortgage. Also, CMHC insurance is not a get-out-of-jail free card. In case of default in CMHC insured mortgage, the lender can make a claim to CMHC, which CMHC is obliged to pay. However, CMHC can pursue the mortgagor for recovery. In other words, after paying out the lender, CMHC becomes the mortgagor's creditor with all rights that go with it.

Summary of changes :

1. Gross debt service and total debt service ratios have been reduced to 35 and 42, respectively. These are down from previous levels of 39 and 44. This means it is easier for people with less than 20% down payment, to qualify for a mortgage that can be insured through CMHC.

2. At least one of the borrowers must have a decent credit score of min. 680

3. Non traditional sources of down payment such as personal lines of credit etc. will no longer be considered as equity for the mortgage. What this means is that taking on one type of debt (personal line of credit) to make down payment for a mortgage is no longer allowed for insurance purposes.

11/26/2020