Good afternoon,

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 the banks are slightly increasing rates, with others expected to follow suit.

The biggest impact will be on those clients who have pre-approvals and are house hunting as we speak. I would suggest to your clients that they have their mortgage application looked at again as the maximum approval amount will be decreased. Remember, this is only for those with less than 20% down and will affect those looking to buy on the high end of their approval amount.

Please visit the links below to catch yourself up to speed.

If you have any questions about this feel free to give me a call. There will be more changes in the coming months but right now this is a sure thing and is applicable to all lenders and banking institutions at all levels.

Posted by Jay McDouall on


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