OSFI Dropped the Hammer on the Mortgage Market

OSFI dropped the hammer on the mortgage market this week. The changes to its mortgage underwriting standards were revealed and they are looking to further tighten the Canadian lending standards. This is the final revision of Guideline B-20 -Residential Mortgage Underwriting Practices and Procedures. The new rules will be taking effect on January 1st, 2018 and are applicable…

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Income The Misunderstood Element

In our evolving explanation of the elements required to secure a mortgage, we come to one of the most misunderstood elements in the group. Income can be derived from various sources. Because of that reason banks will treat different sources of income differently. To understand this we must first understand what happens behind the scenes when a…

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