At Last! New Qualifying Stress Test Rate for Insured Mortgages…
On April 6, 2020, the federal government will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test.
The change means borrowers with insured mortgages (typically those with less than a 20% downpayment) will need to prove they can afford monthly mortgage payment based on a rate equal to the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications plus 2%.
Bill Morneau, Minister of Finance said, “For many middle class Canadians, their home is the most important investment they will make in their lifetime. Our government has a responsibility to ensure that investment is protected and to support a stable housing market. The government will continue to monitor the housing market and make changes as appropriate. Reviewing the stress test ensures it is responsive to market conditions.” Read the News release.
When you or someone you know needs personal mortgage advice for current or future financing needs, connect with me to schedule a confidential and no cost or obligation mortgage financing consultation. I’ve been providing mortgage solutions that open doors since 2005.
Read It and Reap (the benefits): Five Tips to Increase Your Credit Score Quickly
Would you like jumper cables for your credit score? This article will help boost your critical credit score so you can better qualify for certain mortgage and loan products.
Is your credit rating dangerous to your financial health? Do you have other mortgage financing questions? Ask me!
Our Fabulous February!
Starting Them Early …
Last month, while babysitting our 3-year-old granddaughter Mila, she casually asked to see my phone while we were waiting at a stoplight. That’s what grandparents are for, right?
Without saying a word, she was able to open the camera app, compose and snap this picture of me before handing me back my phone.
Our future is in good hands with the next generation!
Cycling the Legacy Trail…
Here’s Sid and I soaking up the Vitamin D in Venice, Florida and cycling the Legacy Trail to Sarasota.
The Legacy Trail is a 12.5-mile multi-use recreational trail in Sarasota County, Florida located between Sarasota near Palmer Ranch and Venice.
It’s beautiful!
