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.
Please contact an Area Manager today and ask them how they can help YOU obtain the financing you need to take advantage of the low interest rates!