Understanding How New Mortgage Regulations Will Change the Home Buying Process
New mortgage regulations are on the horizon. Many Canadians will face additional stress test applying for a mortgage from a federally regulated lender after January 1st, 2018. Lenders will be required to vet all mortgage applicants, even if they can produce a down payment of 20 percent or more, this may present rates that are noticeably higher than their contractual mortgage rate.