As you may have heard in mid October, the final rule changes for residential mortgage under-writing have been proposed (to note, they have not yet been approved). The changes are set to come in to effect by January 1st, 2018 and include a financial stress test for buyers that don’t need an insured mortgage. Huh?
Currently, this stress test is only aimed at buyer’s putting less than 20% down – many buyers have been able to avoid the stress test by increasing their down payment. Under the new proposed rules, even buyers that have 20% or more for a down payment will be subject to proving they can continue to make payments, should interest rates rise.
Did you know?
One of our goals is to alleviate the stress of moving for our clients. That’s why earlier this year we paired up with Move Snap – a complimentary service for our clients to help them stay organized. Leveraging this service has allowed our clients to reduce the background noise of moving so they can focus on packing and celebrating! All of the information you need to change your mailing address, submit your request for your new Driver’s Licence and Health Card, change your utilities and cable providers, book movers etc…IS ALL RIGHT HERE! It even schedules dates and provides tips for ‘decluttering’ and packing room by room. We love it and we hope you do too!!