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New mortgage rules are coming soon

Blog by Jean Richer - Bilingual Salesperson | October 4th, 2016

If you've been shopping for a home, you probably heard about the latest news from the government. The rules to qualify for your new mortgage have changed. These new rules will be effective on October 17th

If you are borderline approved this will certainly affect you! If you are buying a home with less than 20% you will now have to qualify at the "benchmark rate" of 4.64%. The great news is that you still get the lower rate, but it is the qualification that might be more of a challenge. 

Make sure to contact your bank or mortgage broker to make sure you are all set to go. You can also contact me at any time for any questions on the home buying process.

You can also get my free 14 tips for buying your new home right here.