Hello folks! Today we are delivering you our Fast Five for this month–the top 5 things happening in the mortgage world right now that you need to know about. Let’s dive in, shall we?
1. CMHC changes Guidelines for Insured Mortgages (those putting less than 20% down payment)
CMHC announced that as of July 1st, 2020 they will be tightening the restrictions and borrowing guidelines in place for people who are putting less than 20% down. An outline of the full guidelines can be found HERE.
2. Know the difference between Cash-back and Cash-bonus mortgages!
We have seen an increase in the number of incentives that lenders are offering to borrowers right now, but often times the terms cash-back and cash bonus are used interchangeably when in truth they mean two very different things! Find out the differences (and save yourself the headache) by clicking HERE.
3. Mortgage Rates are at an all-time low (including fixed rates!)
4. Canadian Mortgage Debt is up due to deferrals
Canadian mortgage debt is growing at a rapid pace, but it’s not exactly a healthy trend. Bank of Canada(BoC) shows mortgage credit hit a new record high in May. The high was hit with accelerated growth, but this isn’t the bullish trend it normally is. Hundreds of thousands of mortgages had their payments deferred, helping debt growth. Read the full story HERE.
5. COVID-19 Resources available for you, all in one place.
While many people are back at work or have been able to re-open businesses, we also recognize that there are still those in need of assistance during these unusual circumstances. We have compiled a full list of resources available to you for your convenience in one handy graph. Click HERE to view it.