New Mortgage Approval Rules
Ottawa just introduced New Mortgage Requirements that may affect how much you qualify for.
As of October 17, 2016, homebuyers must qualify for an interest rate greater than the conventional 5 year fixed posted rate, which is currently 4.64%.
To put it simply, you will qualify for a lesser mortgage amount.
For example, if your total household income is $100,000 under the current mortgage rules, you would qualify for roughly $650,000.
However, if your application is received after October 17, you would now only qualify for about $500,000 under the new requirements for mortgage pre-approval.
Mortgage applications received and approved before October 17 will honour the current rate and mortgage amount for up to 4 months.
Our assiduous In- House Mortgage Broker Danielle Hill will fast track our clients' applications, giving you the best rate and ensuring you qualify for more.
Get a written pre-approval today!
Mortgage Agent, FSCO M10000851