20 replies to this topic

[Mike K.]

Banks were much more lenient back then, that’s true. They also made lending decisions at the local level, so the bank manager took a good look at the applicant and made a judgement call. Today it’s an impersonal, robotic decision made by the head office (usually Toronto) that’s only interested in dotting the i’s.

Where there’s give is in how much down payment you require. If you’re low savings but high cash flow, you might qualify for a 95% loan. Most people will get 85% to 75% for their first purchase, to stick with the 30% rule.