The BENCHMARK Rate Just Changed!
Updated: May 5
Did you know you might qualify for more?
As you know, all new mortgages in Canada since 2016 (less than 20% down)
2017 (more than 20% down) have been required to pass "The Stress Test".
This essentially means qualifying for a mortgage payment which is HIGHER than you would actually pay.
As of July 20th the Stress Test Rate came down for the first time since 2016 (albeit only .15%) from 5.34% to 5.19%. This is GREAT news for buyers, those looking to take equity out and anyone really looking to qualify for a mortgage.
So, What does this mean to you?
You will now qualify for just a little bit more! (see amount below) just reach out to the team and we can update your amount!
Looking to ReFinance
You may be able to get that extra qualification from your property in order to reduce your payments, do your reno, maybe invest!?
For every $50,000 of INCOME on a mortgage application a borrower will qualify for $5,000 more. Over a 30 Year amortization that number increases to just over $6,000 of mortgage qualification.
BONUS: If you currently in a mortgage or nearing the end of your term now is the time to review options like borrowing against your equity or renewing to lock into a lower rate. Contact Us to Discuss these options
Remember: Rates are STILL very low and it is STILL a very good time to Re-Finance or Buy.
As always, if you know of anyone else that could use this same type of ongoing advice and support recommend them to us we would love to help them as well.
Any other questions? Feel free to reply and we'll respond at our earliest opportunity!
When You or someone you know is considering a move, paying out debt, switching lenders or just have any general mortgage questions make sure to CONTACT US right away! We're NEVER too busy to support your wealth journey