Kristina Eng  BA  MA  MCNE  CIPS

Your Residential and Investment Specialist

 

Proposed changes to mortgage qualifications are anticipated to take effect in January 2018.

 

How you may be affected?

  1. The major change is the introduction of the Federal Government's required new 'mortgage stress test'. Essentially all borrowers, regardless of how much down payment, would have to qualify at a rate 2% above the contract rate. As of today that rate is 5.34% for a 5 year fixed term. On average it is anticipated that borrowers will qualify for 25% less than what you would...
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