As you may have heard, there’s a strong forecast that the Bank of Canada may decrease rates by as much as 50 basis points. But that’s not the only good news for homeowners and buyers! Recent federal changes to mortgage policies are also opening new doors for Canadians across the board.

How do these changes impact you?

1.      Lower Rates = Lower Payments

If you’re holding an adjustable-rate mortgage, a 50-point drop could save you about $150 a month on a $500,000 mortgage. Even a 25-point decrease could shave $75 off your monthly payments, which adds up over time. If you’re renewing your mortgage soon, this is the perfect chance to lock in better rates and potentially save thousands.

2.      Better Qualification for Buyers

With the federal mortgage changes, qualifying for a mortgage just got easier, especially with:

•       Increased insured purchase price caps
•       Flexibility for those renewing who were previously insured, now avoiding the stress test

This, combined with lower interest rates, means you can stretch your budget further, just as the market is showing more inventory.

Now is the time to act!

These combined changes are a huge advantage for those looking to buy, renew, or refinance. The potential to save and qualify for more has never been better. Don’t wait – let’s get started today.

Learn more about the recent federal changes and how they can benefit you in our full blog post.

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. 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 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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