Last week OSFI unveiled proposed new mortgage rules that could take mortgage qualifying beyond the current stress test. The proposed new rules, which are currently out for pubic consultation until April 14th, will include loan-to-income and debt-to-income limits, new interest rate affordability stress tests and debt-service coverage restrictions for uninsured mortgages.
What does all this mean? If these changes go into affect, they will primarily affect CMHC-approved lenders and limit the ability of some homebuyers and owners to qualify for their mortgage.
Mortgage Brokers will have a very integral role in guiding those affected through this shift – offering advice on how best to navigate their way into homeownership, which could include accessing a lender not affected by the OSFI changes.
Now more than ever, you should turn to a Mortgage Broker experienced in navigating such a complex environment and get invaluable advice when it matters most!
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