What you need to know:
Over the past few months, the government has been once again reviewing mortgage lending rules and working on changes to those rules. Earlier this week, OSFI which is the regulator that governs how Federally Regulated Lending Institutions do business, announced changes to the Mortgage Qualifying Rules. Those changes will reduce the size of the mortgage that you can now qualify for.
What you need to do:
Buying a new home?
If you are looking to purchase a new home you need to look into how the new rules impact your pre-approval. This is even more important for those that are looking to purchase their new home after January 1st 2018. The Mortgage Qualifying Rule Changes will have an impact on the max purchase price starting in the new year.
Thinking about refinancing?
If you have been thinking about refinancing, you need to speak with your Mortgage Broker. The Mortgage Qualifying Rule Changes will mean that you will qualify for a smaller mortgage starting in the new year. If accessing the equity is important, then you should take the steps now to get things moving forward.
When do the new rules come into effect? – January 1st, 2018
When do you need to act? NOW!!! – Connect with us directly to see how the new Mortgage Qualifying Rule Changes will impact you
For more specific information, please refer to the link below for a full 2 page PDF detailing the new changes.
October 2017 – Mortgage Qualifying Rule Changes
As always, you can connect with our team anytime to chat about your mortgage or mortgage related needs.