➡ Who will be affected: - First time buyers - Anyone with less than 20% down purchasing - Anyone with more than 20% down purchasing with an A lender - Anyone looking to refinance their existing mortgage with their current lender or with a new lender - Anyone looking to change lenders at their mortgage maturity for a better interest rate or product - Anyone looking to add a line of credit or second mortgage It is worth noting clients with a pre-approval in place need to ensure that their pre-approval was completed at the new higher benchmark stress test rate. Anyone tested at the old rates of 4.79% instead of the new 5.25% could be out shopping for a home they cannot get approved for. Let us know if you would like us to run the numbers for you to double check! If you have any questions, or want help understanding how this will impact your present or future mortgage needs, feel free to reach out to me. I'm here to help !! #breakingnews #beintheknow #marketalert #canada #housingmarket #homeownership (at Greater Toronto Area) https://www.instagram.com/p/CPJuitUrbVD/?utm_medium=tumblr
