When applying for a mortgage, one of the things lenders look for is whether or not the person/people applying for a mortgage can afford the mortgage payments. Makes sense, right? Obviously if they’re going to lend someone money to purchase a house, they want to be sure they can afford the payments each month. There… Continue reading Debt Service Ratios — What are They?
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A Review of “The New Mortgage Rules”
As you’ve probably heard, there were a plethora of changes directed at the mortgage industry last week by Finance Minster Jim Flaherty along with the OSFI (Office of the Superintendent of the Financial Institutions of Canada). This is the 4th time since the credit crisis in 2007 that the Department of Finance has clamped down… Continue reading A Review of “The New Mortgage Rules”