///Mortgage News: Changes to Mortgage Qualification Rules

Mortgage News: Changes to Mortgage Qualification Rules

An important announcement from the Minister of Finance about qualification rules. downsizingjpeg Basically up to now mortgage providers could use the lower 5 year fixed rate to qualify people, any term lower than that required qualification using a much higher rate of interest, called the Bank of Canada qualifying rate.  Now all insured mortgages need to be qualified using that higher rate, currently 4.64% (the 5 year rate right now is 2.39% to 2.44%.

See the full announcement here: http://www.theglobeandmail.com/news/national/ottawa-unveils-new-housing-measures-to-slow-foreign-real-estate-investment/article32206297/


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