On October 17, 2017 the Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 - Residential Mortgage Underwriting Practices and Procedures. This revised guideline will come into effect on January 1, 2018 and applies to all federally regulated financial institutions.
What does this mean for new buyers? OSFI is setting a new minimumum qualifying rates, or "stress test" for uninsured mortgages. As well, lenders will be required to enhance their loan-to-value measurement and limits. Dave Robertson, Mortgage Specialist with RBC has kindly taken the time to provide an overview of changes to come. Be sure to watch our video shown below.
For more details visit: http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx.
Contact Bryce Hansen, Realtor with RE/MAX Ocean Pacific Realty at (250) 702-6493 or CLICK HERE.
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