BMO tightens mortgage rules for self-employed in ‘tariff-impacted’ steel and aluminum industry

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1. The recent decision by BMO to tighten mortgage rules for self-employed individuals in the steel and aluminum industry is a significant move that highlights the ongoing challenges faced by these sectors. Given the volatility and tariff implications, it’s understandable that lenders are taking a more cautious approach. This could create additional barriers for self-employed workers who may already be struggling with income stability. It will be crucial for these individuals to explore alternative financing options or seek guidance from financial advisors to navigate these changes. Additionally, this may prompt a broader conversation about the support available for industries affected by tariffs and economic fluctuations. What do you think the long-term effects of this decision might be on the housing market and the self-employed sector?

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