October 29, 2017
Proposed changes to mortgage qualifications are anticipated to take effect in January 2018.
How you may be affected?
- 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 today. ...
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