New rules take effect January 1, 2018: Check with your Mortgage Specialist on how this can affect your mortgage loan if you've applied before January 1, 2018.
Home buyers with a down payment of 20% or more will now be subject to stricter qualifying criteria (also known as a "stress test") that would determine whether a homebuyer would be able to afford their principal and interest payments should interest rates increase. This stress test would use either the 5-year benchmark rate published by the Bank of Canada or the customer's mortgage interest rate plus 2%, whichever is the higher.
This entry was posted on November 18th, 2017
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