Rule Changes Effective January 1, 2018

By November 3, 2017Uncategorized

Click this link for a summary of the stress test rule changes coming January 1, 2018: Understanding the rule changes Jan 1 2018

The short and sweet:

  • If you are applying for a mortgage and you have 20% down this new rule will lower how much mortgage you qualify for.
  • You CAN still buy a home with as little as 5% down.  Mortgages with less than 20% down aren’t effected by this rule change.

In My Humble Opinion…

  • The continued tightening of the mortgage lending rules is just another version of increasing the interest rates.
  • This will create some (not big, but some) downward pressure on higher priced homes in the Calgary area.
  • This will effect less than 10% of applications.

Questions?  Call me, I would love to help you build a mortgage plan.

Scott Grubbe

587-433-8329

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