A mortgage is a long-term commitment. A lot can happen during the time it takes to pay it off. Your financial situation or lifestyle may change over this period of time. BMO Bank of Montreal offers mortgage protection insurance to give you the peace of mind knowing you are covered if your situation changes for […]

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For the third time in three years, Canada Mortgage and Housing Corporation (CMHC) will be raising its default insurance premiums. Effective March 17, 2017 premiums are increasing anywhere from 11 percent on a minimal down payment mortgage to as much as 225 percent on lower loan to value mortgages. The announcement was released on January […]

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The new mortgage “stress test” rule is now in effect. It impacts those purchasing a home with less than a 20 percent down payment, therefore requiring default insurance. Canadians applying for a default insured mortgage are required to qualify at the Bank of Canada’s five year posted interest rate (the benchmark qualifying rate) on all […]

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The Government of Canada announced new mortgage rules that will be coming into effect on October 17, 2016. The rules will directly impact those purchasing a home in Canada with less than a twenty percent down payment. Canadians applying for a default insured mortgage (high-ratio mortgage) will be required to qualify at the Bank of […]

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