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New Rule Changes Should I Refinance My Mortgage?

refinance ahead of new mortgage rule with 30 second loan application


When to refinance your mortgage - If you’ve considered refinancing your existing home to access equity, secure a line of credit or consolidate debt, now is the time to get approved.


As of January 1, 2018, the Superintended of the Office of Financial Institutions (OSFI) will have implemented yet another mortgage rule. This new mortgage rule requires anyone buying or refinancing their home to qualify at rate that is 2% higher than the rate obtained, or the posted benchmark rate (whichever is greater). 

If you’re wondering, when to refinance your mortgage? The answer would be now.

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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 refinance does not fund until after January 1, 2018, you will still qualify under the current guidelines.

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

Get started now in just 30 seconds.