Considering taking out or refinancing a home mortgage in Kitchener-Waterloo? It just so happens the Harper government has recently announced changes to the regulations that lending institutions use to calculate a borrower’s limit.
The mortgage rate they will now be using to set a borrower’s limit a variable interest rate loan is going to be the five year posted rate. Often (where the variable rate is on the low side as it currently is) the result will be that a mortgage applicant will only qualify for a mortgage as much as 20% less than was formerly the case.
Thanks for the great video, lending is the key in today’s world of real estate.
Come on guys post some comments this is a good article! Where is everybody?