Good News! The stress test is being lowered. Its not tremendous but its certainly a step in the right direction. We have yet another new borrowing guideline that the federal government is amending on April 6,2020. Here is the list of the summarized details: • Applies to borrowers seeking financing with less than 20% down payment for insured mortgages • Not just for first time home buyers, but everyone with less than 20%. • Overall qualifying rate will be reduced by approx 30 basis points or 0.30% currently at 5.19%. • This change is being made to bring the qualifying rate more in-line with the housing…
Fixed-rate mortgages are now almost as cheap as variable rate and that's very unusual. The lowest fixed rate available today is 2.64% and it hasn't been this low in over 2 years. Five year fixed rates are now almost at the same level as variable rates. Now is the time to buy and most certainly the time to have a mortgage review and get rates locked in for your renewals or refinances. Call today to get started. This call can literally save you thousands.