Best Mortgage Rates Toronto in 2018
New Mortgage Rules that are likely to impact best mortgage rates in 2018 In October 2017, OSFI introduced three key changes to mortgage rules, applicable to B-20 guidelines that pertains to the same. These three changes will change the way people look at mortgages . Taking effect from 1st January 2018 on wards, these rules will be applicable to new submissions and pre approvals converted on or after 1st Jan. These changes have been made after thoroughly analyzing the mortgage market and taking into consideration the alarming percentage of bad loans that cause a havoc on the financial institutions in the long run. LTV forms the highlight of these changes and its low value has been bothering OSFI for quite some time. LTV is the loan-to-value ratio that measures in percentage the ratio of loan amount to the value of the property against which mortgage is provided. It can be understood as Loan amount/property value * 100 OSFI took a strict route to counteract those l...