{"id":2220,"date":"2024-12-13T19:39:05","date_gmt":"2024-12-13T19:39:05","guid":{"rendered":"https:\/\/effortlessmortgage.ca\/blogs\/?p=2220"},"modified":"2024-12-13T19:51:13","modified_gmt":"2024-12-13T19:51:13","slug":"new-mortgage-rule-changes-december-2024","status":"publish","type":"post","link":"https:\/\/effortlessmortgage.ca\/blogs\/new-mortgage-rule-changes-december-2024\/","title":{"rendered":"New Mortgage Rules Effective December 15: Easier Switching, Lower Down Payment and Monthly Costs for Canadians"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2220\" class=\"elementor elementor-2220\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-46528b68 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"46528b68\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f49500f\" data-id=\"6f49500f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-17424152 elementor-widget elementor-widget-text-editor\" data-id=\"17424152\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>One of the most significant Canadian government mortgage reforms in recent history will take effect on <strong>December 15, 2024<\/strong>. These new mortgage rule changes are designed to make homeownership more accessible for <strong>first-time homebuyers<\/strong> while offering relief to <strong>current homeowners<\/strong> and those <strong>looking to refinance<\/strong>.\u00a0<\/p><p>From reduced down payment requirements to extended amortization options, here\u2019s how these reforms could transform your mortgage journey.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bff9558 elementor-widget elementor-widget-heading\" data-id=\"bff9558\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A Boost for First-Time Homebuyers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b39e5e1 elementor-widget elementor-widget-text-editor\" data-id=\"b39e5e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>First-time homebuyers often face steep barriers when entering the housing market, particularly with high home prices and tight qualification requirements. The new rules aim to ease these challenges by:<\/p>\n<ul>\n<li>\n<p><strong>Lower Down Payments for Homes up to $1.5 Million:<\/strong><br \/>The <strong>insured mortgage cap<\/strong> has been increased from <strong>$1 million to $1.5 million<\/strong>, allowing buyers to qualify with a smaller down payment on higher-priced homes. For example, buyers will be able to purchase a $1.5 million home with just a $125,000 down payment, a significant reduction from the current $300,000 requirement for uninsured borrowers.<\/p>\n<\/li>\n<li>\n<p><strong>Longer Amortization Periods:<\/strong><br \/>For insured mortgages, lenders can now offer <strong>amortization periods of up to 30 years<\/strong>, reducing monthly payment amounts and making mortgages more affordable.<\/p>\n<\/li>\n<\/ul>\n<p>Let\u2019s put these changes into real examples to illustrate what does this mean to homebuyers.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef17180 elementor-widget elementor-widget-heading\" data-id=\"ef17180\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Example 1: How Much Down Payment Do You Need for a Home up to $1.5M?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-951710d elementor-widget elementor-widget-text-editor\" data-id=\"951710d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n<li><strong>Under the Old Rules:<\/strong><br \/>Minimum down payment needed for a $1.5M home purchase is <strong>$300,000<\/strong> (i.e. 20%).<\/li>\n<li><strong>Under the New Rules:<\/strong><br \/>Minimum down payment needed for a $1.5M home purchase is <strong>$125,000<\/strong> (i.e. 5% for the first $500,00 and 10% onwards).<\/li>\n<\/ul>\n<br><p>That\u2019s $175,000 less down payment under the new rule. With the current high inflation, it takes years to save an extra $175,000. The new rule will likely help to shorten the home buying journey for younger Canadians and get them into their dream home sooner.<\/p>\n<p>Looking at the home prices across Canada, home buyers in Greater Vancouver and Greater Toronto areas set to benefit the most from this change, with the current average single family homes priced around $1,172,000 in Vancouver and $1,060,000 in Toronto.<\/p>\n<p><!-- notionvc: f1569386-d7d9-47e3-b725-dc9c550d2528 --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc47634 elementor-widget elementor-widget-image\" data-id=\"cc47634\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"662\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2024\/12\/MLS-Benchmark-Home-Prices-for-Ontario-Alberta-and-British-Columbia.jpg\" class=\"attachment-large size-large wp-image-2235\" alt=\"\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2024\/12\/MLS-Benchmark-Home-Prices-for-Ontario-Alberta-and-British-Columbia.jpg 930w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2024\/12\/MLS-Benchmark-Home-Prices-for-Ontario-Alberta-and-British-Columbia-300x248.jpg 300w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2024\/12\/MLS-Benchmark-Home-Prices-for-Ontario-Alberta-and-British-Columbia-768x636.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">MLS Benchmark Home Prices for Ontario, Alberta, and British Columbia<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45c739d elementor-widget elementor-widget-heading\" data-id=\"45c739d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Example 2: How Would Mortgage Payment Change for a $500,000 Mortgage?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6a73576 elementor-widget elementor-widget-text-editor\" data-id=\"6a73576\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The\u00a0 longer amortization period helps homebuyers save up to $388 per month on a $500,000 mortgage. Combined with the recent mortgage interest rate decrease, it puts more cash flow back to the buyers\u2019 pocket.<\/p>\n<p><!-- notionvc: f1569386-d7d9-47e3-b725-dc9c550d2528 --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e51718 elementor-widget elementor-widget-image\" data-id=\"7e51718\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"570\" height=\"302\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2024\/12\/new-rate-cut-example.jpg\" class=\"attachment-full size-full wp-image-2225\" alt=\"mortgage rule changes cash flow\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2024\/12\/new-rate-cut-example.jpg 570w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2024\/12\/new-rate-cut-example-300x159.jpg 300w\" sizes=\"(max-width: 570px) 100vw, 570px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">New Mortgage Rules  Monthly Savings<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cb3ce0f elementor-widget elementor-widget-heading\" data-id=\"cb3ce0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Qualify for More: How the New Mortgage Rules Help You Borrow Bigger<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b2ee90 elementor-widget elementor-widget-text-editor\" data-id=\"9b2ee90\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The <strong>December 15, 2024, mortgage reforms<\/strong> bring significant relief to Canadians by relaxing the stress test and extending amortization periods. These changes enable homebuyers to qualify for larger mortgage amounts without a significant increase in monthly payments. This is especially beneficial for those relying on <a href=\"https:\/\/www.effortlessmortgage.ca\/b-lender-mortgage.php\"><strong>B Lender Mortgage Rates<\/strong><\/a> or <a href=\"https:\/\/www.effortlessmortgage.ca\/private-mortgage.php\">P<strong>rivate Lender Mortgage Rates<\/strong><\/a>, as they can now access more competitive and flexible options.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b6cd96 elementor-widget elementor-widget-heading\" data-id=\"2b6cd96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Example: How Much More Can You Borrow on a $100K Income?\n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-960e300 elementor-widget elementor-widget-text-editor\" data-id=\"960e300\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Let\u2019s break it down. Suppose you have a <strong>credit score above 680<\/strong> with minimal debts. Here\u2019s how the changes affect your borrowing power with a household income of $100,000 using a 4.14% 5-year fixed mortgage rate:<\/p>\n<ul>\n<li>\n<p><strong>Under the Old Rules:<\/strong><br \/>With a 25-year amortization, you could qualify for approximately <strong>$500,000<\/strong>.<\/p>\n<\/li>\n<li>\n<p><strong>Under the New Rules:<\/strong><br \/>With a 30-year amortization and reduced stress test, your qualification amount increases to <strong>$560,000<\/strong>.<\/p>\n<\/li>\n<\/ul>\n<p>That\u2019s a <strong>12% boost in purchasing power<\/strong>, making a significant difference for families looking to buy their dream home in competitive markets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b4f103 elementor-widget elementor-widget-heading\" data-id=\"7b4f103\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Switching Lenders Just Got Easier: Save More on Your Next Mortgage Renewal<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a876a30 elementor-widget elementor-widget-text-editor\" data-id=\"a876a30\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Good news for homeowners nearing their mortgage renewal or thinking about refinancing! The new mortgage rules bring some big changes that make it easier to switch lenders and save money.<\/p>\n<h4><strong>No More Stress Test at Renewal<\/strong><\/h4>\n<p>When it\u2019s time to renew or refinance your mortgage, you won\u2019t need to pass the stress test anymore. That\u2019s right\u2014no extra 2% added to the qualifying rate. This change could mean significant savings, especially for those facing a jump in interest rates as their current 5-year term ends.<\/p>\n<h4><strong>Freedom to Shop Around<\/strong><\/h4>\n<p>Without the stress test holding you back, you can now:<\/p>\n<ul>\n<li>Compare and secure <a href=\"https:\/\/www.effortlessmortgage.ca\/rates.php\"><strong>better mortgage rates<\/strong><\/a> through brokers.<\/li>\n<li>Avoid feeling stuck with your current lender and explore more competitive options.<\/li>\n<\/ul>\n<h4><strong>Important Things to Know<\/strong><\/h4>\n<ul>\n<li>These changes apply to both <strong>insured and uninsured mortgages<\/strong>, giving you flexibility regardless of your loan type.<\/li>\n<li>If you plan to increase your mortgage amount at renewal, you\u2019ll still need to qualify with the extra 2% added to the contract rate.<\/li>\n<\/ul>\n<h4><strong>What About Alternative Lenders?<\/strong><\/h4>\n<p>These updates don\u2019t apply to <strong>alternative lenders<\/strong> like B Lenders or private mortgage providers. For those with bruised credit or non-traditional income, these lenders remain a popular option, especially during times of <strong>high inflation and economic uncertainty<\/strong>.<\/p>\n<p>You can find out the most competitive <a href=\"https:\/\/www.effortlessmortgage.ca\/b-lender-mortgage.php\"><span class=\"notion-enable-hover\" data-token-index=\"2\">B Lender Mortgage<\/span><\/a><span class=\"notion-enable-hover\" data-token-index=\"3\"> and <\/span><span class=\"notion-enable-hover\" data-token-index=\"4\"><a href=\"https:\/\/www.effortlessmortgage.ca\/private-mortgage.php\">Private Lender Mortgage<\/a> rates <\/span><span class=\"notion-enable-hover\" data-token-index=\"5\">in this link<\/span><span class=\"notion-enable-hover\" data-token-index=\"6\">. <\/span><!-- notionvc: 493f9d6f-fc97-4463-a907-aee08dfa42ff --><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-135c10c elementor-widget elementor-widget-heading\" data-id=\"135c10c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Key Takeaways &amp; Next Steps<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0071edf elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"0071edf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The <strong>December 15, 2024, mortgage rule changes<\/strong> are designed to make homeownership and managing your mortgage easier. Here\u2019s what you need to know and do:<\/p>\n<ul>\n<li><strong>First-time buyers win big:<\/strong> With lower down payments and longer loan terms, it\u2019s a great time to explore the housing market.<\/li>\n<li><strong>You can borrow more:<\/strong> New rules mean you could qualify for a larger mortgage without significantly increasing your monthly payments.<\/li>\n<li><strong>Switching lenders is now easier:<\/strong> No more stress test at renewal gives you the freedom to shop around for better rates.<\/li>\n<li><strong>Unique situations still have solutions:<\/strong> Alternative lenders like B Lenders and private lenders remain vital for those with non-traditional income or credit challenges.<\/li>\n<\/ul>\n<h4><strong>What\u2019s next?<\/strong><\/h4>\n<p><span class=\"notion-enable-hover\" data-token-index=\"0\">As December 15 approaches, staying informed and proactive is key. Whether you\u2019re seeking a traditional mortgage or exploring <\/span><a href=\"https:\/\/www.effortlessmortgage.ca\/b-lender-mortgage.php\"><span class=\"notion-enable-hover\" data-token-index=\"1\">B Lender Mortgage Rates<\/span><\/a><span class=\"notion-enable-hover\" data-token-index=\"2\"> and <\/span><span class=\"notion-enable-hover\" data-token-index=\"3\"><a href=\"https:\/\/www.effortlessmortgage.ca\/private-mortgage.php\">Private Lender Mortgage Rates<\/a>, t<\/span>alk to a trusted <a href=\"https:\/\/www.effortlessmortgage.ca\/index.php\"><strong>Effortless Mortgage<\/strong><\/a> advisor to see how these changes can benefit you. Book a 15-min call today! We are available 7 days a week.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8602ad3 elementor-widget elementor-widget-image\" data-id=\"8602ad3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/calendly.com\/mortgage-advisors\/quick-chat?month=2022-07\" target=\"_blank\" rel=\"noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"364\" height=\"113\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call.png\" class=\"attachment-full size-full wp-image-806\" alt=\"Book-a-15-Min-Call\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call.png 364w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2021\/07\/Book-a-15-Min-Call-300x93.png 300w\" sizes=\"(max-width: 364px) 100vw, 364px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bb6342b elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"bb6342b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f4cd270 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f4cd270\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-53a3e08\" data-id=\"53a3e08\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-13dd657 elementor-widget elementor-widget-image\" data-id=\"13dd657\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.effortlessmortgage.ca\/private-mortgage.php\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"200\" src=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-1024x256.png\" class=\"attachment-large size-large wp-image-1400\" alt=\"Private mortgage with bad credit\" srcset=\"https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-1024x256.png 1024w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-300x75.png 300w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-768x192.png 768w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit-1536x384.png 1536w, https:\/\/effortlessmortgage.ca\/blogs\/wp-content\/uploads\/2022\/09\/private-mortgage-bad-credit.png 1584w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>One of the most significant Canadian government mortgage reforms in recent history will take effect on December 15, 2024. These new mortgage rule changes are designed to make homeownership more accessible for first-time homebuyers while offering relief to current homeowners and those looking to refinance.&nbsp; From reduced down payment requirements to extended amortization options, here&rsquo;s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,54,55,46,45],"tags":[],"table_tags":[],"class_list":["post-2220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-options","category-b-lender-mortgage","category-b-lender-mortgage-2","category-home-purchase","category-mortgage-refinance"],"_links":{"self":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/2220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/comments?post=2220"}],"version-history":[{"count":32,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/2220\/revisions"}],"predecessor-version":[{"id":2257,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/posts\/2220\/revisions\/2257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/media\/2242"}],"wp:attachment":[{"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/media?parent=2220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/categories?post=2220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/tags?post=2220"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/effortlessmortgage.ca\/blogs\/wp-json\/wp\/v2\/table_tags?post=2220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}