What should home buyers do?
If you’re not a higher risk borrower in the eyes of the CMHC, these changes may not affect you at all.
Home buyers excluded from obtaining a mortgage due to these changes should search for a lender that also works with Genworth or Canada Guaranty, the country’s two private-sector providers of mortgage default insurance. Those companies have decided not to tighten their restrictions.
So even if the CMHC thinks you’re a bad bet, you’ll still find a range of lenders that want your business.
Rock Bottom Interest Rates
Today’s rock-bottom rates are predicted to last for at least the next 12 to 18 months, until the economy starts to stabilize from the COVID-19 crisis.
Whether you’re buying or refinancing, it pays to shop around and get the best deal.