Getting a mortgage gets easier.
Canada is reducing the cost of home buying by raising the threshold for compulsory mortgage insurance. An amendment to the Bank Act allows borrowers to access conventional mortgage financing with a 20% down payment. Previously, home buyers were required to make a down payment of at least 25% or they had to pay mortgage default insurance premiums. Bill C-37 raises the loan-to-value ratio requiring mortgage insurance from the current 75 per cent to ... read more >>
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