Meet Marie Copeland
Here to work for you not the big banks. Getting you bank or alternative financing for home purchase or refinancing a home mortgage is more than a job. It's a passion to help families and small business owners realize their real estate financing dreams.
How do conventional residential mortgages changes of January 1, 2018 affect you? How the private mortgage lenders will come in to fill the void in the market place?
On October 17th 2017, Office of the Superintendent of Financial Institutions (OSFI) published its final version of B20, called Residential Mortgage Underwriting Practices and Procedures. This guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions (FRFI). This changes how mortgage applications are assessed, how property appraisals are managed, how much money the lenders will lend for various property types and quality in different real estate markets and quality of applicant covenant (income and credit).
This increases the likelihood of private lenders stepping in to fill in the residential mortgages void that will be created.
Here is the effect of these changes on the residential mortgage market:
The changes to residential mortgages guideline B20 emphasize OSFI’s expectations that federally regulated mortgage lenders tighten their mortgage qualifying practices.
Many of these rules exist now for insured high ratio mortgages to buy a home (less than 20% down payment) - lenders already qualify your insured application at posted rates and 25 year amortization, even though the actual contract mortgage rate you get may be about 2% lower.
The guideline focuses on the minimum qualifying rate for conventional uninsured mortgages, loan-to-property value (LTV) frameworks and limits, and restrictions to all those in the industry attempting to circumvent those LTV limits – with focus on property appraisals.
There are 3 parts to this new guideline:
Lenders are still interpreting these new guidelines as follows:
“B” lenders are interpreting these guidelines in a similar manner.
Axcess Mortgage and Loans Financing Co. Ltd. Website can be used as your residential mortgages online resource. We will continue to ensure that you, a mortgage consumer is more informed on the mortgage industry.
We will guide you through
working with your lender, and packaging your application properly, to put you
ahead of that curve. We will manage your expectations and keep you and your lender
aware of every single step in the process.
By taking these steps, we can significantly improve our clients’ closing ratios, and most important of all, reduced stress for you. These steps will allow a hassle-free experience that is smoother and faster.
*Lenders change their products and interest rates regularly and without notice. Check with us for updates.
1 (905) 537-8815
Banks and AAA lenders pay us for your service. Some alternative mortgage financing and all private mortgage broker fees are payable by clients.