As of Oct.17 there will be a new mortgage rule for everyone wanting to get pre approved for a mortgage. Anyone who is putting less then 20% down will have to go through the "Stress Test" which means even though you may be getting an interest rate of 2.49% the bank have to pre approve you on the Bank of Canada’s five-year fixed posted mortgage rate which is 4.64% as of right now. This may mean that your pre approval amount for a mortgage would be a lower number then before. Click the link below for more information on the upcoming rule change.
If you or anyone you know are thinking about buying and need to ger pre approved contact me today, i have some great mortgage specialist i work with.
Hope everyone has a wonderful long weekend.