Daily Archives: October 19, 2017
Have you heard the latest news on the new mortgage rule? Read the Financial Post article here.
1. You are not going to be paying a higher mortgage rate. (You only have to qualify at the higher rate A.K.A. – Stress Test)
2. New rule applies to ALL clients, and ALL mortgages, except if you have a firm approval in place as of December 31st, 2017.
3. The new rules begin January 1st, 2018.
4. This new rule will decrease the amount you can borrow when purchasing a home, or when refinancing to borrow against the value of your home. (sometimes as large as 20% reduction in potential affordability)
Please call Cathy and Tanya Rocca at The Rocca Sisters & Associates for further details, our team is happy to help educate you on this. 905.335.4102