[Video] 3 Things: Rate Update - Posted, Stress Tests, Variable Rates!?
/Ok, so you are tired of hearing about all the rate change well, this one might impact you so take 2 minutes to watch the VIDEO above 👆!
Have you watched the video yet? https://youtu.be/yRn-rBI1-us
Make sure to watch the VIDEO!! It's 2 Minutes of straight goods I promise!
Big Banks Increasing Posted Rates?
What's Happening?
- The Bank of Canada followed the big banks raising their Posted rates by increasing the benchmark rate (otherwise known as Stress Test) to 5.34%
Why does this matter??
- Posted rates are the rate which the Bank of Canada base the "Stress Test"
- This means that borrowers will soon qualify for a little less in nearly ALL situations
- How much less? about 1.5%-2% or $8,000 - $10,000 on a $500,000 Mortgage.
Who Will This Impact?
- Everyone buying with less than 20% down.
- Most borrowers who are trying to qualify to their maximum with more than 20% down.
Why Can You Do? 😎
- Reach out to us If you are THINKING about buying or Refinancing
- Send This Info & Video to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.
- Send them our way and we will give them an estimate of their before and after rule pre-qualification.
- Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year.
How to Start Reach US! 📲
- Call 604.619.3319 / Click / or Email us!
- Book a call - www.calendly.comd/alexmcfadyen
More Questions or READY to get started!?
Just Ask US > Click Here to set up a call or EMAIL us