Say goodbye to the stress test and hello to better rates at renewal

By Bob Beach - The Burlington Mortgage Centre |

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📣 Exciting News for Homeowners! 🏡💰

Great news from OFSI! Canada’s banking regulator has announced the end of the stress test requirement for borrowers switching lenders at renewal. This means you can qualify at your new mortgage rate without the added 2% stress test!

This change is a game-changer for those looking to shop around for better rates at renewal. Many borrowers previously felt stuck with their lender, but now you can explore your options without the stress.

We’re also seeing a new $1,500,000 price cap for homes and a 30-year amortization period for all new insured mortgages—fantastic updates for today’s market!

Right now, I’m seeing rates dipping close to the low 4s, with a recent 5-year fixed at just 4.19%! If you have clients house hunting, encourage them to update their pre-approval—they might be pleasantly surprised by how much more they can afford!

With two more Bank of Canada meetings coming up in 2024, we’re looking at potential rate reductions of up to 1.50% this year.

Feel free to reach out if you have any questions or need assistance.

Let’s navigate these exciting changes together!

Bob Beach - Mortgage Broker
The Burlington Mortgage Centre

www.BurlingtonMortgageCentre.com

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