Important bank announcement coming!
One of the major banks announced that as of March 16th they’re going to make it easier for people who rely on alternative courses of income to get approved for a mortgage.
This shows us that the banks are feeling more confident in Canadian consumers and seeing that the channels they’re getting business from (ie, mortgage brokers) are doing the due diligence required to ensure these borrowers are of the quality the banks expect.
We expect other banks to follow suit throughout the week.
One thing that will never change is this will be a yo-yo that will continue for decades, but for now it will give the leading lenders a competitive advantage, and maybe some room to promote further change. As always, borrower beware.
The pendulum has swung to each side over the past three years and keeping on top of it makes all the difference in a borrower’s financial freedom.
As always, if you have any questions, I’m here to help!
Angela Calla, AMP
Dominion Lending Centres-Angela Calla