The Mortgage Industry Tightening Up on Stated Income Programs
by Stephanie Shiu There are several factors currently affecting the mortgage industry, including the US and European economy and talk of new government mortgage policy changes in spring. Throw in the fact that CMHC is reaching its $600 billion cap imposed by the government on issuing mortgage default insurance, and we have a mix for [...]
Rein in your Mortgage Debt!
Back in November, economists and groups such as the Organization for Economic Co-operation and Development, cited record consumer debt levels as a key threat to Canada’s economy. The average Canadian household has debt that is 150 % of their income with mortgage debt accounting for the largest proportion of credit. The good news is Canadians [...]
