Get ready for major Stress Test coming soon!!!

Wednesday Oct 18th, 2017

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This is a much listen to video. I listened to and read up on the latest actions by OFSI for the addition of a set of major new mortgage rules. This is something you need to be aware of. With the new rules in place if you are Selling, Buying, and now Refinancing it will be tougher for you to get approved and you will have less choice to get the best mortgage for your needs. 

These additional measures are going to make it very tough for you either Selling, Buying, and Now refinancing a home. The rules of adding a so called stress test to those even with 20% or more downpayment  will add an additional percentage in the thought if rates were to increase.

Many in the industry are not agreeing with what is being suggested by OFSI. There are already rules in place set to decrease the real estate market. This will put us over the thresh hold and will make it next to impossible for many to get approved. Forcing many Bank quality clients to the non forming banks and lending institutions paying even more out of their pocket.

 

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http://www.bnn.ca/real-estate/video/concerns-about-osfi-s-new-rules~1234202

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