Stay tuned for the ever changing interpretation of the 3 new rules to the mortgage industry announced by the Finance Minister yesterday. His statement was ambiguous at best and many questions still go unanswered about how this will truly affect Canadians.
For instance, when qualifying a client for a variable rate are we using the “best” 5 year fixed rate or the “posted” 5 year fixed rate? This can make a huge difference in what a client can afford. I am hoping for the “best” rate qualifier but the lenders are still unclear about this.
Touch base again for more information or add this blog to your RSS feed for any updates as they will be forthcoming. Please contact em if you have any questions or concerns.
Kim Gibbons Your “Mortgage Superhero ®”