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Thursday, October 6, 2016 - Mortgage Changes

October 17, 2016 is a critical date as that is the day the Federal Government mandated changes to mortgage insurance rules will take effect. These new rules will require all insured mortgages to undergo a ‘stress test’ from the lender. That test will require the buyer to qualify for a mortgage at the Bank of Canada posted rate, currently 4.64%, even though they would still receive their contract rate. As a Buyer, your buying power is thus lowered by the need to qualify at the higher interest rate.

posted in General at Thu, 06 Oct 2016 15:32:57 -0600

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