The recent changes in Canadian mortgage rules have constricted the mortgage policies in Canada, distressing many potential home buyers. The changes in mortgage policies were actually brought to curb the increasing demand of real estate in the two leading cities of Canada, Toronto and Vancouver.
Some of the changes that altered the policies of consolidation loan Canada and mortgages are:
- The buyers who are not native to Canada, will now, have to prove that the home that they are buying or selling is their primary residence, in order to avoid the capital gains tax exemption abuse.
- Borrowers with less than 20% of down payment will now have to qualify a Stress Test, which was earlier posed on the borrowers with less than 5% of down payment.
- Insurance on mortgages to loans will also be restricted by the government for the owners who occupy dwelling for a period of 25 years or have a credit score of 600.
No doubt, the changes in mortgage policies are going to benefit the big banks in Canada but now it will become challenging for future home buyers to get mobile home loans Canada .Also, the one who has recently purchased a home; it is a bad news for them because the worth of their home has got down with these changes. Besides this, it will become harder for the existing home buyers to sell their home at good prices.
But, every cloud has a silver lining and so does this. There are some reliable finance companies such as CA Financial that can help you in getting loan approval. CA Financial is the renowned finance company that offers you both personal and business loans which include home improvement loans, medical loans, home equity loans, tractor loans, RV loans, student loans, mobile home loans, truck loans and many more.
If you want to get instant approval for bad credit mortgage loans Canada then you can avail the loan services offered by CA Financial. They do not employ the agenda of credit rating rather than they secure the loan by your vehicle’s value as collateral.
So, reduce your worries about the mortgage approvals and get loans on one click from this pioneered finance company.
For more information, please visit ca-financial.com .