New Mortgage Rules Eff Jan 1, 2018

The new mortgage rules will now make it harder for those with bigger down payments to qualify than applicants with less than 20% down payment. New rules take effect Jan 1, 2018   

http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx

OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages.

• Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.

OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.

• Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.

OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.

• A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law.

This will COOL the Toronto Real estate market further;

• as buyers struggle to qualify
• Sellers are unable to sell their homes
• Interest Rates Increase
• Inventory is still reducing

Credit Union business will blossom.

Schedule B Lenders?

The unintended consequences are your ability to re negotiate a Mortgage Renewal with your lender. 

If you are seeking a better rate you are required to discharge and resign legals, register on title BUT you will need to re QUALIFY  with the new lender.

This will give lenders an opportunity to profit. 

What do you think? 

Call me 647 218 2414 

Let's beat the winter GRIMM

Do you want to fight the winter GRIMM?

Let's Go buy a condo Together!

http://DavidPylyp.com



Opened the Mail and its heavy on your heart?

Lets Renew that Mortgage and roll higher interest rate debt into where it will help your cash flow 
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Call me 

647 218 2414

Have they denied you a Mortgage? You already pay HUGE rent!

We all want to own our own home;  Its an emotional issue.  Belonging.  Stability. Your refuge.  Your own lawn or Balcony away from the world. This is Human Nature and one of the BIGGEST draws about coming to Canada.  

The New dynamic of Contract Employment and Now YOUR responsibility to remit taxes is creating a strata of Strong Income Earners who are paying very high rents to live in Toronto, [ yes albeit in modern clean well appointed new condo developments,] that may have missed a payment or two, missed a filing deadline, still have a student loan, become divorced or simply had a reversal of fortune that dramatically changed their circumstances and the CREDIT BUREAU report. 



You are ready to start a family and your needs are changing.  We need to look at this differently. Let's Get your credit repaired and Go Buy you, your own place, so you can stop feeling like you are throwing your money away on rent.

If you are in the Toronto GTA, I would like to meet with you.

http://Bit.Ly/GetDave  or write http://Bit.Ly/CallDavid   or  email

Of course;   You could just call 647 218 2414