Please read this: There’s a mortgage rule change in the works that could impact how much you qualify for.
Let’s break it down 👇
The Government of Canada may replace the current stress test with a loan-to-income cap.
Your mortgage approval would be capped at 4.5x your household income.
Lenders are already testing this behind the scenes, with regulators are reviewing the results.
If approved, it could roll out sooner than we think.
Here’s the kicker: If your family brings in a solid income and were hoping to maximize your next home purchase... This new rule might limit how much you can borrow. 😬
If the stress test has been holding you back though: this change could HELP you qualify.
of course it all depends on your numbers.
If you’re planning to buy in the next 6 months, the smartest move is to check your numbers now.
Why?
Because this rule will affect your timing and budget.
Reach out to your lender for more information or your trusted realtor to connect you with one!
Thinking of moving to a bigger home this year?
Please read this: There’s a mortgage rule change in the works that could impact how much you qualify for.
Let’s break it down 👇
The Government of Canada may replace the current stress test with a loan-to-income cap.
Your mortgage approval would be capped at 4.5x your household income.
Lenders are already testing this behind the scenes, with regulators are reviewing the results.
If approved, it could roll out sooner than we think.
Here’s the kicker:
If your family brings in a solid income and were hoping to maximize your next home purchase...
This new rule might limit how much you can borrow. 😬
If the stress test has been holding you back though: this change could HELP you qualify.
of course it all depends on your numbers.
If you’re planning to buy in the next 6 months, the smartest move is to check your numbers now.
Why?
Because this rule will affect your timing and budget.
Reach out to your lender for more information or your trusted realtor to connect you with one!