Effective April 6, 2020, the stress test qualifying guidelines are changing and there will be a new benchmark rate for qualifying insured mortgages.
As it stands today, this would give a discount of approximately 0.50% on the qualifying rates.
This will mean some positive changes with qualifying a buyer for a higher purchase price.
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Purchase Plus Improvements Mortgage - Buy Now with a Renovation Allowance!
Don’t shy away from that fixer-upper…
A Purchase Plus Improvements Mortgage, allows qualified purchasers to buy a home or condo and
include a Renovation Allowance, even with as little as 5% down.
Did you know that not all mortgages are created equal and not all rates are available for each individual?
What does this mean?
Interest rate is dependent on down payment, credit score, amortization, closing date and lender.
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