Four Major Changes to Canadas Housing Rules
Mortgages can be one of the most confusing and stressful processes when we start our journey for a new home (which is why I highly recommend using a mortgage consultant who can have ACCESS TO MULTIPLE LENDERS AND BANKS)
So the Liberal government decided to change the rules Again... Here are 4 changes that are coming October 17th. The first change will have the most impact on your approval rates. (thinking or looking to buy a home soon, you may want to act a little quicker before the change)
1. Expanding A Mortgage Rate Stress Test To All Insured Mortgages
"The stress test is aimed at assuring the lender, that the home buyer could still afford the mortgage if interest rates were to rise."
So this means if you want a mortgage, no matter what the down payment, you'll need to qualify at the benchmark rate (the Bank of Canadas five-year fixed posted mortgage rate) BUT (this is the good news) your mortgage payments will still...