New Mortgage "Stress Test Rate" Explained

Vinod gives us the low down on the BIG mortgage rule change, aka the new "Stress Test Rate". If you are planning on purchasing a home after October 17 with LESS than 20% down, WATCH this video!


Here is the example given:
Assuming an estimated annual family income of $100,000, living in a detached home, and an estimated per/month heat & prop tax of $500.. You will qualify for:
At discount rate of 2.44 = $625,000 Mortgage (approx.)
At Bank of Canada Prescribed Rate of 4.64% = $490,000 Mortgage (approx.)
That's a $130,000 less!
WOW.. Again this is Major. Do your research or call your banker or mortgage broker if you have questions or concerns.

Kind regards,
Vantage Real Estate
604-345-3339

  • $698,888 - Apartment/Condo 214 14588 macdougall drive, Surrey

    MLS® R2331040
    Amazing opportunity! Large 2 bed/2 bath + den corner unit at SOLD OUT Forest Ridge in South Surrey. [...]
    Listed by: Coldwell Banker Marquise Realty
  • $540,000 - Townhouse 28 15175 62a avenue, Surrey

    MLS® R2328985
    Brooklands in Panorama Place is your dream complex! Built by award winning Developer Polygon, the amenities [...]
    Listed by: Coldwell Banker Marquise Realty
  • $564,800 - Townhouse 110 15175 62a avenue, Surrey

    MLS® R2326228
    Be prepared to be blown away! The renovations done to this beautiful home are incredible & thoughtful [...]
    Listed by: Coldwell Banker Marquise Realty
        

Vantage Real Estate Group
604-345-3339






This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.

copyright © 2019 vantagerealestate.ca All rights reserved.
Powered by Digit Art Designs Ltd