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The Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act) came into force on July 1, 2008, replacing Ontario's Mortgage Brokers Act, 1990, [1] and requires all individuals and businesses who conduct mortgage brokering activities in Ontario to be licensed. [2]
As a public mortgage insurer, CMHC has a mandate to provide service in all parts of the country and for a range of housing forms. [49] A significant portion of CMHC's mortgage loan insurance business is in markets or for housing options that are not served or less served by private mortgage insurers.
Established in 1997, the Real Estate Council of Ontario is a not-for-profit corporation that regulates the trade of real estate in Ontario in the public interest. On behalf of the Government of Ontario , it administers and enforces the Real Estate and Business Brokers Act , 2002 and its regulations.
A form of seller financing, it’s a type of assumable mortgage, in which the buyer’s mortgage includes the previous owner’s existing loan. The buyer makes monthly payments to the seller, who ...
Title insurance is a form of indemnity insurance, predominantly found in the United States and Canada, that insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.
VA Loans - All mortgages executed after March 1, 1988, require that the buyer be creditworthy to assume a seller’s mortgage. If a VA Loan is being assumed by a veteran with a home loan eligibility, the seller may also request to have their eligibility re-instated upon completion of the assumption.
Before you can get a mortgage, you will need a mortgage preapproval letter. This is a document from a mortgage lender showing a proposed loan amount for a given borrower. While a preapproval ...
The OAP is the legal contract that connects an Ontario driver with every Ontario based insurance company. Insurance coverage is divided up between several different portions of the policy. The circumstances of the accident determine which section is used. An often misunderstood one is the Direct Compensation Property Damage (DCPD).