MMG Mortgages is honored to participate in the first special edition podcast of In Your AREA by the Alberta Real Estate Association. As a guest speaker, we discuss changes in the mortgage place, qualifying after deferrals, rising penalties and so much more.
Read MoreMMG Mortgages is honored to have been nominated as "Best Alberta Mortgage Brokerage for 2020" from the Canadian Mortgage Professionals Association for the Mortgage Awards of Excellence.
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Given the COVID-19 pandemic and it’s impact in the housing economy CMHC announced changes to its mortgage insurance underwriting criteria yesterday afternoon.
Effective July 1st the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance:
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The main factors involved in calculating a credit score are:
Your payment history
Your used credit vs. your available credit
The length of your credit history
Although that was our last meal for April, this isn’t goodbye!
MMG Mortgages was honoured to support the Ronald McDonald House Charity and to provide some amazing meals through Seed n Salt for some of the most deserving families around.
Read MoreThere is more to a mortgage than just a rate! Check out this video from our partners at Manulife Bank regarding their creative Manulife One Product– If you’re interested in the benefits and how this can help you with your long term financial planning and with ultimate flexibility WITH interest saving measures, then contact us today for more information!
Read MoreThe Mortgage Stress Test has dropped from 5.19% to 5.04%!
What does this mean for you? If you’re buying, or in the market for a new mortgage, this means you could qualify for an average of $10,000 MORE than before!
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New Benchmark Rate for qualifying decreases to 5.04% effective March 23rd
This will assist borrowers in increasing their qualifying amounts.
This is welcomed news given that the previous proposed stress test changes are still suspended.
Read MoreHomeowner Relief
Our various lending institutions, credit unions, banks and mortgage insurers are stepping up to lend their support to Homeowners affected by this crisis and who experience sudden financial setbacks which might temporarily impact their ability to meet their mortgage obligations.
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What does this mean for our variable rate loving clients?
Although The Bank of Canada reduced their overnight rate for the second time within a 10 day period, the individual banks have not yet followed with the second drop - however it’s not to say this won’t happen anytime. Don’t be fooled though - that certainly doesn’t mean the variable terms are not good options. Bank Prime is presently 3.45%.
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Effective April 6, 2020, the stress test qualifying guidelines are changing and there will be a new benchmark rate for qualifying insured mortgages.
As it stands today, this would give a discount of approximately 0.50% on the qualifying rates.
This will mean some positive changes with qualifying a buyer for a higher purchase price.
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