New Mortgage Rules for 2018

December 8th, 2017 Posted by Home Buying No Comment yet
Have you heard about the new mortgage rules coming into effect on January 1st? They come in to effect January 1, but most banks will have a cutoff around December 21st to allow time for processing over the holidays.
The Office of the Superintendent of Financial Institutions [OSFI] is expanding guidelines currently geared towards first-time buyers and those with a down payment of 20% or less. The revised new rules will apply to all mortgages, regardless of down-payment or terms, and regardless of whether it’s a new mortgage or a renewal.
The changes are to help ensure that mortgages remain affordable, even if interest rates rise. If you have pre-approval from your bank and have not yet purchased, or if you are considering buying a home in the New Year, you are likely affected.
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Steve Bucciol and Antony Malfara
Broker / Sales Representative
Call: (416) 494-7653
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