Sentences with phrase «now qualify for a new mortgage»
For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed - rate.
https://dominionlending.ca/ Not exact matches
New mortgage rules mean that many families who previously couldn't qualify for a mortgage now may be able to do...
We all know by now that under the new mortgage rules at the beginning of 2018, homebuyers who don't require mortgage insurance — those with a down payment of 20 % or more — must qualify for their mortgage at a higher rate.
The new rule changes now require the minimum qualifying rate for uninsured mortgages to be the greater of the five - year benchmark rate published by the Bank of Canada (4.89 % today) or the contractual mortgage rate +2 %.
A 2014 Brookings paper notes that credit scores for young households without student debt are higher than indebted households — a relatively new phenomenon over the past decade.37 And a 2012 study from Young Invincibles estimated that the typical single student borrower now has a debt - to - income ratio that would prohibit him or her from qualifying for a garden - variety home mortgage.38
The new guidelines now require federally regulated financial institutions to vet applicants for uninsured mortgages by using a minimum qualifying rate equal to the greater of the Bank of Canada's five - year benchmark rate (currently 4.89 %) or their contractual rate plus 2 percentage points.
«Combined with consistent, positive reports on housing starts, permits, prices and builder confidence in recent months, today's data provides further confirmation that a gradual but steady housing recovery is underway across much of the nation,» says Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. «Consumers who have been on the sidelines during the past few years are deciding now is the time to go forward with a new - home purchase, assuming they can qualify for a good mortgage under today's exceedingly stringent guidelines.»