Extending a “mortgage rate stress test” to all insured mortgages in order to ensure affordability. This particular change will primarily affect those who seek to buy government-backed insurance for low-ratio mortgages, as mentioned above.
Launching “consultations on lender risk sharing” in order to limit the governments financial obligations if there just so happens to be a surplus of mortgage defaults. This rule, though affecting most home buyers, will also affect such mortgage lenders as banks as it will be putting them at a much higher risk.
Needless to say, there are ample amounts of new information that is to be discovered as it is extremely relevant to current and future home buyers. The attached article definitely acts as a useful resource, and we encourage you to read its content.
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