Navigating the New Mortgage Rules
We are sharing this useful information with you from our partners at MorCan Direct Mortgages.
Canada’s new mortgage rules are designed to make it harder for you to qualify for the mortgage you have right now and they are being introduced on January 1st, 2018. The new rules are being put into place to help borrowers be financially prepared to afford their mortgages if interest rates rise and will affect at least 15% of Canadians. Whether you are looking to borrow more money against your home or simply want to move to a different lender for a better rate, you will be affected.
Canadians will be forced to borrow less money as the income required to qualify for a mortgage will increase by about 20%. The Government of Canada is making it harder to shop for a better mortgage and more difficult to access the equity in your home, we believe that this will result in higher mortgage rates for some consumers.
Please give us a call if you have any questions regarding these new mortgage rules. We have immediate access to top independent mortgage brokers at MorCan Direct Mortgages who can help you navigate the increasingly complex market to get the deal that is best for you.