New Benchmark Rate for qualifying decreases to 5.04% effective March 23rd
This will assist borrowers in increasing their qualifying amounts.
This is welcomed news given that the previous proposed stress test changes are still suspended.
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Homeowner Relief
Our various lending institutions, credit unions, banks and mortgage insurers are stepping up to lend their support to Homeowners affected by this crisis and who experience sudden financial setbacks which might temporarily impact their ability to meet their mortgage obligations.
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What does this mean for our variable rate loving clients?
Although The Bank of Canada reduced their overnight rate for the second time within a 10 day period, the individual banks have not yet followed with the second drop - however it’s not to say this won’t happen anytime. Don’t be fooled though - that certainly doesn’t mean the variable terms are not good options. Bank Prime is presently 3.45%.
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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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