Mortgages

What is the most important document for a mortgage application?

By Jackie Bowen, Mortgage Broker – Primex Mortgages Notice of Assessments (NOA’s) from Revenue Canada are the single most important document required by lenders when applying for a mortgage especially if you are self employed or if need to include overtime and/or bonuses for income qualification purposes. NOA’s are annual statements sent by Revenue Canada [...]

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New government guidelines and how they affect borrowers

Courtesy of Jackie Bowen, Mortgage Broker Effective March 18, 2011, the following changes will be in effect: Maximum Amortization on mortgages higher than 80% Loan to Value will be 30 years (currently 35yrs) Maximum Amount an existing home owner can refinance to will be 85% (currently 90%) CMHC will no longer insure Secured Lines of [...]

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