[Video] ๐Ÿ“ฃ Mortgage Qualifying Rate ๐Ÿ“ˆ Rule๐Ÿ‘ฎ Changes - Here are the FACTS ๐Ÿ‘‡

Today, (Oct. 17, 2017) OSFI (The Office of the Superintendent of Financial Institutions) just announced new mortgage qualification rules that are going to have a BIG impact on your how you qualify to buy a home or Re-Finance.

If you are planning to buy a home, invest, sell or re-finance you NEED to watch this video. Also, it is worth considering getting in touch so that we can assess your situation. (Remember we do this at no cost for our clients.


I recommend you share this video (LINKS BELOW) to any one that you know deserves a good explanation about the upcoming rule changes!! (hint: pretty much everyone who owns or wants to buy)

While today's (Oct. 17, 2017) OSFI rules make it more difficult for Canadians to secure a mortgage from a bank - it is not impossible. We as your Mortgage Broker are unbias, meaning we will place our clients with the lender that best suits their individual circumstances. We have options which means so too do you.

We have access to MANY lenders outside the "big banks" and remember, as your Mortgage Expert we have your best interest in mind, always. 

Youtube Link >  https://youtu.be/2l0qJvnrHeE

Facebook Link > http://bit.ly/2gogkwM

So Let's Break it down! ๐Ÿ‘‡

What's Happening? 

  1. OSFI is going to add a NEW STRESS TEST for all borrowers, for all transactions not previously tested (ie. less than 20% down).
    1. This includes purchasing a home as well as RE-Financing (debt consolidation, line of credit, investments).
  2. EXAMPLE: 
    1. Client A with an income of approximately $95k qualifies for a mortgage of $600,000 today with 20% down at 3.5%
    2. After Rules change this client will now have to qualify for $500,000 purchase price with the SAME $120k downpayment.
    3. This is a 20% reduction in borrowing power.

When will this Happen? โฐ

  1. January 1st is when the rules will take effect, although many lenders may actually institute a cut off of 1-3 weeks before this date to reduce volumes.
  2. This will impact ALL contracts which take place after the guidelines are in place.

Who Will This Impact? 

  1. YOU!
  2. EVERY BUYER with more than 20% down!
  3. Every person who wants to access equity on their home to RE-FI.
    1. This includes your clients who want to keep their property, re-fi and buy another property.
  4. Every one who is RENEWING their mortgage

Why Can You Do? ๐Ÿ˜Ž

  1. Reach out to us If you are THINKING about buying or Refinancing
  2. Send This Info & Video to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.
  3. Send them our way and we will give them an estimate of their before and after rule pre-qualification.
  4.  Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year.

How to Start Reach US! ๐Ÿ“ฒ

  1. Call 604.619.3319 / Click / or Email us!
  2. Book a call - calendly.com/alexmcfadyen