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Refinance Your Mortgage Like Steve and Darlene

be like steve and darlene refinance ahead of new mortgage rule with 30 second loan application

Be like Steve & Darlene

They heard about the new mortgage rules coming into effect on January 1, 2018.

Steve and Darlene wanted to #renovate their kitchen. They spoke with their Dreyer Group #mortgage broker and learned they wouldn’t qualify after the new mortgage rules kicked in on January 1, 2018. Even though their mortgage wasn’t up for #renewal for another 2 years, they decided to #refinance now and qualify under the current rules. With renovations underway, Steve and Darlene will have their dream kitchen in no time.

Speak with a Dreyer Group mortgage specialist to see if refinancing now is a good option for you.

Why the Urgency?

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 for a rate that is 2% higher than the rate obtained, or the posted benchmark rate (whichever is greater). 


So this made them wonder if now was the time to refinance their mortgage? The answer was YES.

Be like Steve and Darlene.

You too can apply to refinance your mortgage online. 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 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.

Be like Steve and Darlene now in just 30 seconds.