New Mortgage Rules

NEW MORTGAGE RULES
New information that will impact anyone purchasing with more than 20% down…
As of Jan 1, 2018, the Stress Test that is currently in place for insured mortgages will be extended to encompass conventional mortgages as well (Currently if you have 20% down payment or more you get to qualify at the fully discounted rates)
So for anyone purchasing after the Jan 1, 2018 deadline, you will have to qualify at the 5 year posted in order to get the discounted rate (Currently 4.89% vs. 3.39%)
These changes can and will affect the amount of mortgage that many can qualify for.
If a you choose a property and have been approved for it and the closing date is after January 1, 2018, you will be grandfathered in under the existing rules.

Leave a Reply

Your email address will not be published. Required fields are marked *