BIG Mortgage Qualifications Coming in Canada
What this means for homebuyers: If you're putting less than 20% down & you've been pre-approved by your mortgage lender, if you don't purchase a property by Oct 17, you may no longer qualify for the same purchase price. You will have to re-qualify at the Bank of Canada Benchmark rate, which could potentially force you into a lower priced home.
For full details, visit this Financial Post article here: http://bit.ly/2drdjYD
Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.