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Mortgage Broker News | 22 Nov 2016, 08:15 AM Agree 0
Regulators should consider raising the existing minimum down payment levels to offset massive demand and borrowing, says the CMHC
  • Gerry | 22 Nov 2016, 01:13 PM Agree 0
    Maybe it's time to stop tweaking the mortgage qualifications and see what shakes out.
    1. CMHC raised dp requirement on portion >$500.0M earlier this year.
    2. Recent changes requiring qualification at 4.64% with 25 year amortization
    3. Now suggesting minimum d/p be increased.
    4. Mortgage qualifications are already very stringent vis-à-vis credit; income verification; down payment proof, suitability of security etc.
    Be careful what you wish for, too much tweaking could cause too quick of a change in real estate dynamics?
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