New qualifying federal mortgage rules changes

New qualifying mortgage rulesNew qualifying federal mortgage rules changes

On October 3rd, Bill Morneau, Minister of Finance announced “Preventative measures for healthy, competitive and stable housing market”. The intention is to address the growing household debt and rapidly rising house prices.

Learn about the new qualifying federal mortgage rules changes that will affect your mortgage affordability during the qualification process and what can you do to qualify for that mortgage that you are seeking

The new rules affect the CMHC insured and Low Ratio Bulk Insured Mortgages.

These new rules might definitely affect the housing market as intended, affecting also a through the qualification process a great number of borrowers with intentions to purchase a home or to renew their current mortgage.

How are these changes affecting you as a borrower and most important what can you do right now to avoid negatively affected?

The following links explain both affected types of mortgages Select the type of mortgage that you would need to purchase of to refinance your current.

What kind of mortgage do you need information about?

For new home buyers, new mortgage rules select according to the amount of your downpayment. Under 20% down payment = high ratio mortgage. Over 20% down payment = low ratio mortgage

New rules high ratio mortgageHigh ratio (less than 20% of downpayment) home purchase or refinance
New rule low ratioLow ratio (more than 20% of downpayment) home purchase or refinance

You can also apply on line now or Call or text 416-262-7139 and request a confidential one on one meeting to look at specific answers and help you get the best mortgage deal.

Call or text 416-262-7139
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