There has been heavy media attention on some potential changes coming down the pipe soon. We’ve seen the “stress test” on high-ratio mortgages (mortgages on purchases with less than 20% downpayment) and we’re about to see this extended across all mortgages, no matter the down payment size. This measure is expected to provide a buffer for homeowners who would suffer a risk, should interest rates rise at an unexpected pace.
Rates are still very low, and even though we’ve seen two consecutive increases, it’s still a great time to get your foot in the door.
Your Mortgage Professional,
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