More governmental news has just been announced for Canadian mortgages. To help you understand what these changes are and how the news may help your mortgage, I’m breaking it all down.
I’ve been a mortgage broker for more than a decade and it’s my job to help you get approved for the best possible mortgage that’s available to you! I’ve seen so many changes in the mortgage industry and have helped hundreds of people qualify for their dream home.
As of November 21, 2024, The Office of Superintendent of Financial Institutions (OSFI) has confirmed changes to the stress test for uninsured mortgages. The stress test requirement for uninsured ( down payment of 20% or more) straight mortgage switches will be removed.
A straight mortgage switch is when you are switching to a new lender during your mortgage renewal time.
If we are doing a straight mortgage switch and you are keeping the same loan amount and amortization schedule, you will no longer need to requalify under the stress test.
This new rule regarding the stress test for uninsured mortgages will allow borrowers to shop around for better mortgage rates at the time of their renewal without having to qualify again to prove that they can afford a higher rate.
This will allow borrowers to feel potentially less stressed, easing the financial strain in a higher-rate environment.
If your mortgage is renewing soon, now is the time to reach out to me due to the changes to the stress test for uninsured mortgages! We can go through your situation, see what you qualify for and shop around for the best rate for you. You can read my article “Renewing your mortgage in 2024? Here’s what to expect” and then reach out to me to get started together. Simply give me a call at 250-826-3111, apply on my website or contact me through my online contact form.
I can’t wait to get to know you and see how these changes will help you in your mortgage process as we come into the final months of 2024!
Let’s get your application off the ground.
