My trusted Mortgage Specialist has forwarded on the following email. Please contact either Robyn Darling directly or myself to determine whether or not this change will have an affect on your situation. We want to be the first to inform you of these changes & hope that we can answer any of the questions that you may have.
I wanted to quickly touch base with the upcoming changes to mortgage lending October 17.
Our clients looking to qualify for a mortgage on a 5 year fixed term with less than 20% as down payment MUST qualify at benchmark. Right now that is 4.64% regardless of what rate they secure. As it stands any terms less than 5 years and variable rates already need to be qualified this way. Keep in mind some of…