Over the past several years, we have seen significant changes to the way that lenders qualify borrowers applying for mortgages – with each change making the mortgage qualification process progressively more challenging.
Example: Outstanding debt includes a $20,000 line of credit.
If you have balances on a line of credit, car loan/lease, credit card, student loan, etc, the mortgage qualification amount will dip even more as of January 1st!
Given that interest rates continue to hover near historic lows, the full impact of these new qualification rules could be even more pronounced and magnified once rates start to climb. If you’re considering a new mortgage in the next 4-6 months, please contact me directly at 604-802-3983 or firstname.lastname@example.org so we can discuss your specific situation and plan accordingly in advance.
Angela Calla, AMP
DLC-Angela Calla Mortgage Team