It’s been a BUSY few weeks and we’ve been getting a lot of questions about the changes coming your way for both insured and uninsured mortgages.
I thought I’d break it down for you:
✔️Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage.
✔️Borrowers will need to prove they can afford payments based on the higher the contract rate plus 2%, or a new floor rate of 5.25%, up from the current 4.79%.
✔️This change will likely impact 1 in 5 borrowers so this could affect you.
Meet with me early to discuss and review your mortgage options.