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New Mortgage Rule Affects Self Employed / Self Employed Professionals on January 1 2018

self employed mortgage rule changes

Self-employed/professionals may want to consider refinancing now and here is why:

Secure your lowest mortgage rate now, because as of January 1, 2018, lending guidelines will become increasingly more challenging. OSFI (Office of Superintendent of the Financial Institutions) announced yet another mortgage rule, requiring anyone refinancing or purchasing a home, to qualify at 2% above the obtained interest rate or at the posted benchmark rate (whichever of the two is greater).

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>> Act Now to Get your Mortgage Application Started Online <<

IMPORTANT: If you secure your financing with a signed approval from a lender before January 1, 2018, you will be exempt from the new mortgage rule and qualify under the current lending guidelines. Begin your approval process and secure your lowest mortgage rate using our 30 second application.

Business Owners - Refinance to access equity or secure a line of credit

If you or anyone you know owns a small business, now is the time to get prepared.

All small business owners or professionals should consider refinancing to accommodate a flexible line of credit in preparation for what could be a bit of a bumpy ride.

There are things we can change about our business and there are outside forces we do not have much control over. Our reaction and preparation to these outside changes is the key to remain strong and competitive.


You are now required to qualify for a rate 2% higher than the one secured for you. For example, if you receive a 3.24% fixed rate mortgage, you have to qualify at 5.24%

Stated Income

In addition, very few lenders are now doing stated income for self-employed. Meaning, there are limited lenders approving self-employed professionals – and that could reduce even more in the near future.

Equity Lending

Finally, very few lenders are doing equity lending. Meaning, lending money based strictly on the value of your home with very little documentation required. While there are some lenders, the guidelines continue to narrow. Coupled with the new lending guidelines, self-employed/professionals looking for equity lending should consider getting approved before January 1, 2018.

Call us now for your free consultation 604-669-6006.