{"id":3620,"date":"2016-10-11T10:10:38","date_gmt":"2016-10-11T17:10:38","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3620"},"modified":"2016-10-10T10:09:07","modified_gmt":"2016-10-10T17:09:07","slug":"mortgage-changes-to-impact-investors","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/10\/mortgage-changes-to-impact-investors\/","title":{"rendered":"Mortgage Changes to Impact Investors"},"content":{"rendered":"

There are now fewer options for rental properties.<\/p>\n

In the wake of new mortgage rules, some mortgage lenders are pulling mortgage programs for rentals.<\/p>\n

One of the first was Merix\/Lendwise, which announced a change to its offering Tuesday \u2013 a day after recent housing rules were put into place.<\/p>\n

In a note to brokers, the lender said it would no longer be accepting rental applications.<\/p>\n

First National, another major lender, has made similar changes to its offering.<\/p>\n

\u201c(First National) have temporarily suspended their conventional rental program and their Alt-A program, which is part of the business for self-program,\u201d Ernie Stapleton, a representative for First National, told CREW. \u201cAs the dust settles, I think First National will re-evaluate their programs in the context of the new rules to see what can be offered.\u201d<\/p>\n

And it isn\u2019t just rental properties that are being impacted.<\/p>\n

Another lender, MCAP, will soon charge a 15 basis point surcharge for all new refinances beginning November 30, 2016.<\/p>\n

These sorts of lender updates are the result of the government\u2019s recent changes to low-ratio mortgage insurance requirements.<\/p>\n

Effective November 30, all mortgages originated by lenders who use portfolio insurance \u2013 which includes all monoline lenders \u2013 must meet the following criteria;
\n\u2022 Maximum amortization of 25 years
\n\u2022 Maximum property price below $1 million
\n\u2022 A property must be owner occupied<\/p>\n

The full scope of the changes can be viewed here<\/a>.<\/p>\n

Mortgage Changes to Impact Investors<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

There are now fewer options for rental properties. In the wake of new mortgage rules, some mortgage lenders are pulling mortgage programs for rentals. 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