Recently, Alberta Mortgage broker, Krishna Gupta, was interviewed by CBC News. With the new mortgage rules, first-time home buyers and single-income earners will have to change their expectations when it comes to purchasing a home. The rule will test a buyer’s ability to afford mortgage payments if mortgage rates increased by two percent. Read the…
On October 17th mortgage qualification changed, and as per recent developments, November 30th will see another change come into effect On October 2nd, 2016 the Federal Government announced that there would be changes to mortgage qualification, and that those changes would be implemented as of October 17th, 2016. Those changes primarily revolved around the concept of trying to…
Upcoming changes to mortgage qualification made by Ottawa could affect your ability to purchase a home after October 17th, 2016 The Federal Government will be requiring mortgage lenders in Canada to conduct what is being termed a ‘stress test’ for mortgage borrowers taking out a fixed rate mortgage of 5 years or longer. The stress test involves qualifying…
