Welcome Relief for 1st Time Home Buyers

Date Posted: June 15, 2020

Now that both Genworth Canada and Canada Guaranty have confirmed they are not following the lead of CMHC by updating their underwriting policies, this is welcome news for many Canadians.

When CMHC introduces their underwriting changes July 1^st, first time homebuyers will still have options when it comes to securing financing for their home.  CMHC has competition in Canada, as there are currently 3 companies that provide Insurance when your down payment to purchase a home is less than 20%. 

Many Canadians may not be aware of which company is providing the insurance to secure their mortgage, as that choice is left to the individual Lender, but there is little to no difference between the three companies.  Having three companies providing insurance will create opportunity for prospective homeowners.

As many Canadians aspire to own their own home knowing that there will be choice after July 1^st will be critical to 1^st time homebuyers. 

To read more of the Calgary Sun article; click here:

Contact your Mortgage Broker today for more trusted advice