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Buy your first home like Rachel & Mike

meet rachel & mike who bought their first home before january 1

Be like Rachel & Mike

They bought their first home before the new mortgage rules came into effect on January 1, 2018.

Mike had dreamt about selling their condo and purchasing a house.  Rachel was delighted to know they could afford the mortgage under the existing financing rules before they changed.

Why Buy a Home Now?

The new rules for financing a house will come into effect on January 1, 2018. It can make it much more difficult to qualify for a home mortgage. In fact, this new mortgage rule requires anyone buying a home to qualify for a rate that is 2% higher than the rate obtained, or the posted benchmark rate (whichever is greater). 

So this made them call their Mortgage Broker and secure financing now.

Be like Rachel & Mike.

You too should consider starting your mortgage application for your first home. It takes just 30 seconds here.


If the current 5 year fixed rate is 3.24%, you will be required to qualify at 5.24% (3.24% + 2% = 5.24%).

This doesn’t mean you’ll receive the higher interest rate, you will just have to qualify under the new guidelines at the higher rate.


As of today, let’s say you have a total combined household income of $120K, you may qualify for a loan of up to $798K. However, after January 1, 2018, the total loan amount you’d potentially qualify for, given the same total combined household income of $120K, would decrease to $630K.

Please note: If we have a secured mortgage approval but your purchase does not fund until after January 1, 2018, you will still qualify under the current guidelines.

If you have considered buying a home, you may want to act quickly and obtain a mortgage approval in order to be exempt from the new mortgage rule.

Be like Rachel & Mike now in just 30 seconds.

See them dance..