New Rules_2

This is not a new subject – if you have been speaking with me, you can hear the frustration in my voice.  As a mortgage broker but also a tax-paying citizen, I am frustrated, because the government is impacting my ability to live comfortably and afford the lifestyle I and you pay for, through our taxes.  Home ownership has become a privilege rather than a right in this country and that is a huge shame!

October 2016, we saw a shake-up to the industry when the government first started playing with the rules.  Through the guise of controlling foreign buyers, it did nothing to impact them, however it definitely impacted us in our buying power and in some cases by 20%.  Now looking forward, that will be further impacted again in January, 2018.  Regardless if we put 20% down or not, we now have to qualify at the qualifying rate (currently 4.89% + 2%), which is the new stress test. This will impact your ability to qualify!

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