New Mortgage Laws Burlington
If you are looking for good mortgage rates in Burlington for your new home, then you should consider Harrison White as your mortgage broker in Burlington! If you are looking for a mortgage broker in Burlington then you must understand the value of having a professional team work for you, and not the banks, to find the best mortgage rates in Burlington! Harrison White and his team of professional mortgage brokers have access to over 35 Canadian lenders, and getting a fantastic mortgage rate is just the beginning. We will also assist you with a financial plan to ensure that you can pay off those mortgages as quickly as possible.
Considering the change in home buyers laws, Harrison White and his team can walk you through these changes and discuss with you about how they can benefit you, or affect your mortgage rates in Burlington. Read on for more information about using Harrison White as your mortgage broker in Burlington, and about these new mortgage laws.
Change in home buyers laws and the impact on getting a mortgage in Burlington:
New rules proposed by the federal government to curb financial risks associated with the country’s hot housing markets could make it more difficult to secure a mortgage. The new guidelines proposed recently include stress tests for uninsured mortgages — loans secured with a deposit of at least 20 per cent on the value of the home. Those homebuyers will now have to show that they can withstand a two per cent increase on their contractual mortgage rate. This would apply to variable and fixed-rate mortgages, regardless of term. These changes come as the Bank of Canada looks set to increase interest rates in the coming weeks for the first time in seven years.
The mortgage brokers in Burlington at HW Advantage can discuss with you about these tightened regulations for lending, and put you on the path to finding the best mortgage rates possible. Don’t let these new mortgage laws in Burlington deter you from purchasing your dream home! Even though the new homebuyer laws imposed by the government are tighter, it does serve the purpose of trying to bring down the prices of the red hot real estate market.
For more information about Harrison White and how you can use his professional team of mortgage brokers in Burlington to find you the best mortgage rates, please feel free to continue browsing through our website. We can be reached at 1-905-541-6961 or by filling out our contact form.
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