New mortgage changes are coming down the pipe, and it can all be a little confusing. Here's what the experts are saying.... 

 
MORTGAGE TERMS:
Insured Mortgage / High Ratio Mortgage  = Less than 20% down payment
Non Insured Mortgage / Conventional Mortgage = 20% or greater down payment / equity
Bank of Canada Rate = the 5 year fixed posted rate (currently 4.99%)
Contract Rate = the actual rate offered by the lender to the consumer
Benchmark Rate/Qualifying Rate = Stress Test: Bank of Canada Rate OR Contract Rate +2%, whichever is greater
LTV (Loan To Value) = the size of a mortgage compared to the value of the property
securing the loan
 
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