CTV Morning Live: Mortgage Minute- December 13
On this episode of CTV Morning Live: Mortgage Minute, host Henry Burris and Frank Napolitano discuss the stress test coming into effect on January 1st, 2018, why the government has implemented these changes and how it will affect qualifying for new mortgages.
On this episode of CTV Morning Live's Mortgage Minute, host Henry Burris and Frank Napolitano discuss the stress test coming into effect on January 1st, 2018 and the mindset the government is using by having Canadians qualify at higher rates as protection against future increases in interest rates.
Frank goes on to explain the new qualifying rates which will be the higher of the qualifying rate or 2% above your mortgage contract rate.
Frank details that there are some instances where clients may be able to be grandfathered under the old rules. If you think you may have a tougher time qualifying it is better to work with your Mortgage Broker now to assess your situation.
At renewal time it may take away some of the negotiating power for consumers, especially if they may not qualify under the new rules.
Speaking with a Mortgage Broker can help determine how to navigate these new rule changes.