Qualifying for a Morgage? BOC rate Increase!
Qualifying for mortgages:
1-4 year fixed (high ratio - Less than 20% down mortgages) and high ratio variable rate mortgages - Clients qualify based on Bank of Canada Benchmark Rate
5 year fixed or conventional mortgages (20% down or more) - Clients qualify based on 5 year rate and in some cases 3 year rates
What does this mean for your clients? Clients who want shorter terms or variable mortgages need more income to qualify or they qualify for less.
Why? Because the benchmark rate increased today from 5.10% to 5.44%.
Please feel free to call if you have any questions.
printed with permission from:
TAMMY CARTIER
LendingMax
Mortgage Broker
Tel: 250-448-7448 | Fax: 250-448-7449
#212, 1980 Cooper Rd, Kelowna BC V1Y 8K5