Christine Buemann Mortgage Broker

Bond yields are start to rise , which in turn means fixed rates are likely to rise soon as well . Buyers should be looking for 120 day rate holds as soon as possible! Using a Mortgage Broker means that you only have to apply once and you can have multiple rates/terms held with different lenders.  I have an easy online application for anyone looking to get the ball rolling quickly. Let me know if you have any questions or concerns. Have a great day! www.christinebuemann.ca

Who:  The Bank of Canada  What:  Qualifying Rate - This rate is a weighted average of the big 5 bank's 5 year posted rates.  It is used to qualify all insured mortgages as well as variable rate mortgages or those with terms shorter than 5 years.  It is not the actual interest rate that the client will receive, simply a rate used for qualifying. Why:  It is essentially a "stress test" to ensure borrowers can afford an increase in payments, should rates go up. When:  Effective immediately. It is important to note that some lenders may honor the old qualifying rate for pre-approvals however  most will require borrowers to qualify at the new, higher rate. If you are pre-approved and currently shopping for a new home, it is important that you consult with your Mortgage Broker to ensure their maximum mortgage amount has not changed. For any questions, please feel free to contact me. Have a great day! www.christinebuemann.ca...