Elizabeth Stansell
629 Guelph Street N2H 5Y5 Kitchener, ON, Canada

My last post talked about the new mortgage rules affecting both new and existing mortgage customers ability to qualify for a mortgage. I wanted to let you know as a mortgage agent I have lenders that are not required to follow the new guidelines. If you are concerned about the amount of mortgage you can qualify for, give me a call. I am happy to go through the numbers with you. I'm here to help!! 226-989-7676

New mortgage rules again!! Effective January 1, 2018 the new minimum qualifying rate (stress test) for uninsured mortgages (less then 80% loan to value) will be the greater of the 5 year benchmark (4.89%) published by the Bank of Canada or the contractual mortgage rate plus 2%. Please note that the qualifier rate is not your mortgage rate, it is the rate the lender must use to ensure you can afford any major rate increase.. Mortgage rates for a 5 year term are still between 3.09% and 3.49% depending on the lender. If you have any questions regarding your ability to qualify for a mortgage please give me a call. I'm here to help. 226.989.7676