Davelle Morrison

Joe Sammut, Mortgage Broker at Mortgage Architect walks us through some of the changes the new mortgage rules passed by the Bank of Canada will bring, and how it will affect homebuyers with 20% down. What is the Bank of Canada benchmark rate? What is the purpose of this new mortgage rule? What is the new qualification rate? What was the old qualification rate? What is the element of the stress test that has to do with debt servicing or percentage of debt servicing? What is a TDS ratio? What is the credit score you need to qualify for a bank mortgage? What is in the qualifying ratios of a GDS of 35%? Why are there now more competition in the condo market? Which segment of the population will be affected by the new mortgage rule? What is the default rates for mortgages? Who are some of the lenders that have bulk insured mortgage portfolios? How are people with more than 30% down affected by new mortgage rule? Why homeowners who wish to refinance the home to take equity out are affected under the new mortgage