|Buying A home ?
The Bank of Canada recently announced that it has lowered the mortgage stress test qualifying rate for the first time in three years from 5.39% down to 5.19%.What does this mean for your Purchase ?
Home Buyers can now qualify for a mortgage using the new lower qualifying Mortgage rate which in turn allows you to borrow a larger mortgage. This move might have a small effect, it may be positive if you are looking to buy a new home.
There is lots of good news out there if you’re thinking mortgages.
Prime Lending rate is still very low with many lender offering prime minus 1%
Fixed Mortgage Rates are showing aggressive discounts leading to very low contract rates.
The fall market is only weeks away and if you’ve been thinking of buying a home or if your mortgage is coming up for renewal soon, now is the time to reach out to me. I have access to many lenders that are eager for your mortgage and are offering exceptional rates and terms now. Call or message me today and let’s get your rate locked in.