Saskatoon Mortgage Broker: Tammy Wandzura: HUGE Mortgage Rule Changes- How will they affect you?

The Finance Minister made an announcement this week EFFECTIVE October 17/2016 All insured (less than 20% down payment) home buyers must qualify at a "stress test" rate of the Bank of Canada's posted or "benchmark rate".  Today that is currently 4.64% You will still PAY the low discounted rates (2.39-2.49% on a 5 year fixed) [...]

2019-08-19T22:06:46-06:00October 6th, 2016|