Tanya Rankin Discusses CMHC's Continual Tightening Of Their Rules and Guidelines
Tanya Rankin: Hi it’s tanya Rankin in Williams Lake. CMHC continues to tighten the requirements with respect to ensuring mortgages. Most people are slightly confused by CMHC’s role in the mortgage process but basically a mortgage with less than 20% down will need an ensure so you first go to the bank to get the mortgage and then they actually go to a third party that ensures that mortgage funds for them. And CMHC keeps slightly tightening the restrictions I’ve noticed them order more appraisals again requesting all kinds of different information as way of ensuring people can afford the properties that they intend to purchase and as of May 30th they gonna make it that much more difficult for people that are self-employed to get a CMHC insured mortgage. In a way it’s a good thing because for being extra careful that people are only getting in to properties that they can truly afford but the down side is sometimes it’s not always an accurate evaluation of their ability to pay for that mortgage. If you have any questions send me an email anytime to firstname.lastname@example.org and I hope you have a fantastic week!