Further to the original announcement in early April, the new mortgage stress test released on June 1st has officially increased for home purchases and those looking to refinance. This has caused a decrease in their borrowing power by about 5%.
To put this in perspective, if they were approved for 1 million dollars, that is reduced to approx. 950k. You can download our app to see how this will impact you.
Some points to keep in mind about the new mortgage stress test:
- Rates are still near record lows, and these new changes do not increase your borrowing cost.
- All lenders have different sources of income they will utilize to help you qualify for the mortgage that is right for you. We have seen lenders step up in many different ways, and most recently with a special first responders program.
- As an unbiased mortgage broker, we protect your credit by reviewing all the options by all the lenders in the country to find a mortgage to suit your needs with the best value for you, that are only available to us as licensed professionals
If you or someone you care about with like a mortgage review to ensure you have the best option for you, we are here to help and just an email away callateam@countoncalla.ca.
Watch my segment on the new mortgage stress test with Global News here:
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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