In October 2017, OSFI introduced revisions to their guidelines on Residential Mortgage Underwriting Practices and Procedures (B20) that include the requirement for the stress testing of uninsured mortgages and introduce a restriction over co-lending or bundling of loans. For example, a minimum qualifying rate for uninsured mortgages will be required which, is the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate plus 2%.
As of January 1, 2018, the mortgage process has changed at many financial institutions, making it more difficult to purchase a home.
We do mortgages differently.
Meridian, a provincially regulated institution is not affected by these changes. It continues to see strong momentum within the mortgage market and its approach has not changed. Meridian always includes a member-focused attitude that embraces proactive financial advice with engaging dialogue that places financial well-being and, by extension, well-being in general at the forefront.
For further information and to find out more about home mortgages contact Sandra Lethby, Mobile Mortgage Specialist at 289-929-8689 or sandra.lethby@meridiancu.ca.
