Voted Best Customer Service Canada
Follow us on Instagram Follow us on Facebook Follow us on Twitter Watch us on YouTube Review us on Yelp            
      604.669.6006 | 800.687.9020
 

The Stress Test Explained

Don't let the new mortgage “stress test” surprise you on January 1, 2018

Your borrowing power could be reduced by as much as 20%!!!

What is a Stress Test?

On January 1, 2018, the government will set a new minimum qualifying rate, or “stress test,” for mortgages with a 20% or greater down payment.

These new rules will place the minimum qualifying rate for to be either

- the five-year benchmark rate published by the Bank of Canada
or
- the bank’s contracted mortgage rate, PLUS 2.0%

....WHICHEVER IS GREATER!

Want us to call you back?
 

Let us know when to call.

We look forward to speaking with you.

Let us know when to call.

You have requested a call back

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

So what does this really mean for you?

Currently...
If you walked into a bank with an annual income of $100,000 and a $20,000 down payment and wanted a five-year fixed mortgage of 3.09% amortized over 25 years.  You would qualify for a $706,692 maximum purchase price** for a new home.

But starting January 1, 2018... 
If you walked into the bank with the same money and goals, you would only qualify for a $559,896 maximum purchase price on a new home. 

Your buying power would be reduced by $146,796 (-20.77%)!!!

So what can you do about these changes?

Contact us to find out how we can help you BEFORE these changes come into effect.

Obtain a signed approval before January 1, 2018, and be exempt from the new mortgage rule.

Call us at 604-669-6006

Or take 30 seconds to apply online.

We are here to help you understand the new Mortgage Stress Test.