The mortgage landscape is evolving, with some exciting updates that could directly impact your financial decisions. Here’s a quick breakdown of the latest changes:
November 21 – Renewals Made Easier
Renewing an uninsured mortgage just got simpler. If you’re switching lenders with the same loan details (such as the amount, term, and at least 20% equity), you no longer need to pass the stress test. This means you can qualify at the contract rate rather than a higher stress-tested rate, giving you the freedom to shop around for better rates, lower payments, and more flexible terms.
December 11 – Bank of Canada’s Final Meeting of the Year
December 15 – Bigger Limits for Insured Mortgages
January 15, 2025 – Refinancing Flexibility
These updates present new opportunities for buyers, homeowners, and investors alike. Have questions or want to explore your options? I work with many trusted Mortgage Broker Partners who can provide personalized advice and help you navigate these changes. Reach out today, and let’s connect you with the right expert!
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