Mortgage Intelligence

Oshawa's Mortgage News Desk!

New Rules for Mortgage Loan Insurance

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With effect from October 17, 2016, mortgage loans with less than 20% downpayment are subject to a stress test. These loan applications are now required to qualify at the benchmark rate of 4.64% regardless of the current interest rates.

As of November 30, 2016, to obtain an insured mortgage loan with downpayment of 20% or more, applicants will need to meet the following seven eligibility requirements:

  1. Mortgage loans for residential properties
  2. Amortization period of 25 years
  3. Purchase price of less that $1,000,000
  4. Variable rate mortgage the loan payment must be recalculate at least every 5 years.
  5. Must have a minimum credit score of 600
  6. Debt service guidlines are 39% and 44%
  7. Must be owner occupied

The new rules are aimed at maintaining affordable home ownership. Contact the team at We’ll help ensure you make the most of it!


David Hetti is a full time Mortgage Broker with Mortgage Intelligence (FSCO Lic MO8002434) David is the Director of Operations at Mortgage Intelligence Oshawa and heads a team of full time licensed Mortgage Agents serving all of Ontario. David is also a licensed Insurance Consultant.

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