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The Mortgage Industry Changes And How A Mortgage Broker Can Help

by admin on October 16, 2012

Recent rule changes to high-ratio mortgage means that mortgages requiring CMHC and GE Insurance, makes it more difficult for individuals to qualify for a mortgage. To view the new rules under The Canadian Mortgage and Housing Corporation (CMHC), go to for the Canadian Mortgage and Housing Corporation (CMHC) Definition.

As of July 2012, CMHC insured mortgages, no longer offer 30 or 35 year amortized mortgages and will not insure any mortgages over a million dollars. The maximum amortization period now offered by high ratio insurance companies, is 25 years, with a minimum down payment of 5% subject to CMHC qualifications, with the maximum gross debt service (GDS) ratio being 32% and the maximum total debt service (TDS) ratio being 40% with provable income.

For those not qualifying for the high-ratio insurance, seeking an experienced and licensed mortgage broker who has various resources at their disposal will assist you in obtaining the right mortgage. Mortgage brokers, generally have access to the same lenders and rates, we, Maple Leaf Mortgages, listen to your needs, shop for the best rate available and present our customers with the best product to suit their requirements.

The services we offer are; clearing credit card debt, debt consolidation, arrange paying off student loans, consumer proposals, equity take-outs for home renovations or investments, new immigrants, credit repair, power of sale, home purchases, 2nd and 3rd mortgages, commercial financing, self-employed and non-income qualifiers, rejected by bank, past bankrupt, debt collectors, personal tax arrears, property tax arrears and fast approvals.

Less is more, give us a call for a quote today.

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