2014-05-06
Canada Mortgage and Housing Corp (CMHC) announced that it is cutting some types of mortgages that they will insure.
Effective May 30, 2014, it will stop insuring mortgages for second homes. So anyone who currently has a CMHC insured mortgage will not be able to insure another one. No co-signing for your children if you have an insured mortgage of your own. And no purchasing a new house with a CMHC mortgage if you rented our your CMHC insured condo. Those would both be classed as second properties.
CMHC is also going to stop insuring mortgages for self-employed people who can't verify their income through third parties. That could have an impact on a significant number of people I'm thinking. And this could be for a primary residence, whereas atleast the other pending change is not.
In July 2012, they already capped insured mortgages at 25 years, down from the previous 30 years.
To talk about problems you may be having with your CMHC insured mortgage, or any other debt, contact your local MNP Ltd. office.
2025-11-17
November 16-22, 2025 is National Addictions Awareness Week (NAAW) in Canada. Every year, organizations across the country observe this important week and do what they can to help those who may be struggling with addictions, while raising awareness and sharing information as to how family and friends can create support networks.
2025-11-13
Debt Solutions
Many may feel ashamed, embarrassed and completely overwhelmed about their debt. People experiencing debt-related stress often suffer from many associated health issues, such as sleepless nights, headaches, tension and more. And feeling out of control when it comes to managing their debt payments often prevents people from taking control of their financial situation. Not all debt results from overspending, living beyond one’s means, frivolous behavior or money mismanagement. To answer your questions about the stigma of debt, and to learn about the options available to you, tune into our Stigma of Debt VLOG series below with MNP's Licensed Insolvency Trustees.
2025-11-12
Bankruptcy Consumer Proposal
Summer fun doesn’t have to come with a hefty price tag.
