BREAKING NEWS

There are two very important topics CMHC and Government of Canada has made public:

1. New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance.

2. Clarification on Qualifying Interest Rate Policy Changes to CMHC Self-Employed Product.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent.
The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

The ongoing global economic recovery is being driven largely by strong domestic demand growth in many emerging-market economies and supported in advanced economies by exceptional monetary and fiscal stimulus, as well as extraordinary measures taken to support financial systems.

As many of you are aware already, a news conference was  held  yesterday morning in Ottawa by the Federal Finance Minister Jim Flaherty.  He announced three major changes to mortgage insurance rules which will affect all government backed insurance programs.

A ‘reverse mortgage’ is a new way of borrowing money for people 60 or older and own a home or condo to qualify for a reverse mortgage in Canada. The flexibility of never having to make monthly payments is why reverse mortgages are such an attractive option for thousands of Canadian homeowners.

With CMHC Flex Down, Approved Lenders can offer home buyers additional flexibility when purchasing a home, including the opportunity to purchase a home using a wider range of sources for their down payment such as borrowed funds and lender cash-back incentives.

MCAPis happy to announce the removal of the Sales Only Clause!!!

As always we are committed to moving forward with your needs in mind. January 21st MCAP confirmed the removal of the Sales Only Clause.

What does this mean to you? To find out more information click "more info".

EXCITING NEWS from First Line Mortgages - Brand to Brand Refinance!

If you have an existing mortgage with CIBC, First Line, PCF, Sutton you are now potentially able to apply for the NEW Brand to Brand Refinance and possible Equity Take Out using self declared income!

FIND OUT MORE...

Canada Mortgage and Housing Corporation (CMHC) today announced 22 new grants to improve housing affordability for Canadians.

Bank of Canada maintains overnight rate target at 1/4 per cent!

CMHC - Governments of Canada, Alberta and the City of Edmonton Celebrate New Affordable Housing