A Common Sense Approach to Lending
Finally there’s some relief for the self-employed related to mortgage financing!
In 2010, 2.7 million Canadians were self-employed. That number has continued to skyrocket thanks in part to the precarious employment environment and workers looking for more stability and a better quality of life.
The government needs to loosen its grip on qualifications for the self-employed and return to a more common sense approach to lending. This announcement (below) by Canada Mortgage and Housing Corporation (CMHC) is a good start. Hopefully, more changes will follow soon. Want to know more about what’s happening in the world of mortgage of financing and how it affects you? Talk to Tracy today.
CMHC enhances qualification for self-employed borrowers
The Canada Mortgage and Housing Corporation (CMHC) will enhance qualification criteria for self-employed borrowers beginning October 1 to give them much-needed relief. Under current rules, self-employed borrowers who operate their business or have been in the same line of work for fewer than two years can qualify for a mortgage provided that a solid rationale is noted on the lender’s loan file. But a few additions to the guidelines will reduce rigidity. Read more…
A July to Remember
Speaking of “quality of life”… enjoy this digital diary of everything Tracy managed to pack in during July, and still look so relaxed! Our all-time favourite is the “after” picture of Tracy’s two granddaughters, Addy and Lyla leaving the splash pad. Get ready to laugh.
Top left to right: Addy and Lyla; Tracy at Bruce National Park in Tobermory
Bottom left to right: Mila, Dean and his Dinos, Tracy cycling in Port Elgin
