Last month the Office of the Superintendent of Financial Institutions (OSFI – Canada’s Banking Regulator) again revised the mortgage qualifying guidelines. As of January 1, 2018 there will be a new minimum Qualifying Interest Rate. This "stress test" now includes all home buyers borrowing from an Institutional Lender, not just those with less than 20 per cent down payment as it was previously.
Want to know more about how this could affect home buying plans? Let’s talk. 905-409-6730
Author:Maurice King Phone: 905-409-6730 Dated: November 16th 2017 Views: 33 About Maurice: ...
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Maurice King has a long standing record as a successful real estate agent. With over 25 years of experience in Architecture, mortgage lending and real estate, Maurice is one of the best in the business.
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"I will call on Maurice again in a heart beat. Maurice takes extreme pride, offers sound advice and goes over and beyond to ensure that all of your needs are met. If you are doing this for the first time, rest assured you will not have to worry. That was the case with me. I've never felt more at ease at one of the most stressful moments of my life. Maurice worked for me and saw to it that I got the price I wanted. All in all, a win-win. It was an absolute pleasure doing business with Maurice."