Archive for October, 2016

New Qualifying Rules

Posted by Pam Peters / Oct - 19 - 2016 / Mortgages / 0 Comment

As of October 17, 2016, all new mortgages that are high ratio (less than 20% down) will have to qualify using a stress test rate. That rate is called a bench mark rate (currently today it is 4.64%). Clients will still receive the lowest discounted rate however they now have