To qualify for a mortgage today you must qualify using the higher of the 2 options:
1) Qualify using the Canadian benchmark rate of 5.34%
2) Qualify using a rate that is 2% higher than your contractual rate
Keep in mind - this is based on select mortgages that are 5 year terms or lower. If your looking at a 6-10 year term then the 2% rule would apply.
NOW is a great time to get pre-approved for financing if you plan to obtain a new mortgage over the next 4 months. We can float down interest rates as the decreases continue ensuring the best possible rate.
To LEARN MORE, contact our mortgage specialist partner:
Dominion Lending Centres