Borrowing enough money to purchase a home is a huge decision that will potentially affect you and your loved ones for the rest of your lives. If you hand this decision over to a bank, you can’t expect that you will speak to the same person twice, let alone have a personal connection waiting to help when you renew your mortgage. A bank won’t be there to inform you of new recommendations and changes in regulations, programs and laws that could benefit you. A mortgage agent like myself, on the other hand, will be there through every step of the process with much more than the typical 2-4 mortgage options that a traditional bank will offer.
Effective Nov 21 2024
No More Stress Tests for Mortgage Renewals: What It Means for Homeowners.
In a significant shift, the Canadian government has announced that stress tests will no longer be required for mortgage renewals. This change aims to ease the financial burden on homeowners facing rising interest rates and high living costs.
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Effective Nov 21 2024
No More Stress Tests for Mortgage Renewals: What It Means for Homeowners.
In a significant shift, the Canadian government has announced that stress tests will no longer be required for mortgage renewals. This change aims to ease the financial burden on homeowners facing rising interest rates and high living costs.
Key Implications:
Simplified Renewals: Homeowners can now renew their mortgages without undergoing rigorous financial assessments, making the process smoother and less stressful.
Potential Savings: With reduced barriers, many homeowners may secure better rates or terms, leading to potential savings.
Increased Flexibility: This change allows borrowers to focus on their current financial situations rather than hypothetical stress scenarios, providing more room to navigate their finances.
Market Impact: The removal of the stress test may stimulate the housing market, as homeowners are more likely to renew with confidence.
While this is a welcome change for many, it's essential to stay informed about personal finances and make thoughtful decisions regarding mortgage options.
Reach out today for more information and to start that renewal process.
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New Tecumseth, Ontario L9R 0M5, Canada
647-804-1852 tara@ratedeal.ca License# M20001726
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Rock Capital Invests Inc. operating as The Mortgage Centre is an independent member of the Mortgage Centre Network. Each office is independently owned and operated.
Rock Capital Investments Head office is located at:
75 First Street Suite #7, Orangeville, Ontario L9W 2E71
Brokerage 10556
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