Initially mortgage brokers were advised that if you were pre-approved in 2017 but bought in 2018 you would be subject to the new qualifying “stress test”, BUT GOOD NEWS! the brokers I work with have now confirmed that this is not the case with all lenders!
If you are thinking of buying, but do not want the pressure having to buy prior to Dec.31st, I have a avenue for you!
You just need to get pre-approved before the end of the year.
You would be qualified at the contract rate, no stress test!
The pre-approval would be for 120 days! which gives you four extra months to sell, buy & close!
You must close in the 120 day time frame to avoid the new regulations.
According to a new report from Mortgage Professionals Canada “By the time of the next election, 200,000 families will fail the mortgage stress test” Don’t let this be you!
To find out more, or if you need help getting pre-approved DM me or contact me at Deborah.Bennet@century21.ca or 416-616-2484
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