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Effective May 30th, 2014 CMHC will be discontinuing 2 existing mortgage programs and  further tighten Canada’s mortgage market.  Self-employed borrowers will no longer be eligible for CMHC insurance unless they are able to verify sufficient income through traditional sources.  Also being cut, is the the 2nd home mortgage program.

CMHC’s rationale for this move is that these programs are no longer core to the insurer’s objectives, and only represent a small percentage of their overall business.

As a result of these changes, home ownership prospects for self employed individuals will be greatly reduced.  The impact of this change is not limited to low downpayment mortgages as many mortgage companies insure these loans with CMHC after the transaction has completed.

Although CMHC is only 1 of 3 insurers they dominate the market in terms of volume and have traditionally set the tone for pricing and programs.  This move could represent an opportunity for the other 2 insurers to focus on these niche products but it’s likelier that they will follow suit and axe the programs.

The environment of mortgage rule tightening isn’t over yet and in CMHC’s announcement they indicate that this is just the first set of changes resulting from a review of its mortgage loan insurance business.

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Dan Wowk has been an incredible resource and help for my family's search for our mortgage renewal. His professionalism and timeliness has helped reduce stress and save us a lot of money in the process. I highly recommend Dan and Zoom Mortgage to anyone wanting someone they can trust with their mortgage needs.
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Dr. Freddie So

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Dan thanks again for all your help in renewing our mortgage and setting up the line of credit. I appreciate how you made the process fast, simple and hassle free. Great rate too.
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Mike E. of Oakville

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I just wanted to thank you Dan for your continued professional service over the years on my mortgage with ZoomMortgage. I got the best rate on the market and even with today’s recent low interest rates, I still have a better rate than what is being offered – in fact, my friends can’t believe what you got for me!! That’s why I referred them to you and now they are so happy with your Fast service and the great experience that you have. A BIG thank you from a single mom that was struggling in getting the right mortgage.. YOU ARE THE BEST
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Lorette S of Burlington

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Just wanted to say that Dan is the best! He gets the job done! He is quick, efficient and professional… For any mortgage concerns, call him now!!!!
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Corinne F. of Oakville

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Thanks for getting back to me so quickly. Very impressed.
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Chris of St. Thomas

F.S.C.O. Brokerage License # 11931 - Broker Owner: Dan Wowk: Mortgage Agent #M09000576
Head Office: 2386 Lionstone Drive, Oakville, Ontario L6M 4S9 | Phone: 905-847-0100

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