Hello & Happy Valentines Day!!
The Bank of Canada has given us a Valentine's Day present and it is not in the form of flowers or a heart shaped box of chocolates!
They have raised the bench mark rate so bank posted has now changed from 5.19% to 5.44%. Meaning now that any mortgage that is not using the lenders 5 year mortgage rate product will have to be qualified at the new Bank Posted Rate! This on the coat tails of the raising rates, and the new rules coming out March and April could possibly make it harder to qualify for your mortgage, or refinance.
What to do? Get your pre approvals sealed now! Talk to a qualified Mortgage Agent (myself) about how you secure your rate and purchase power... if you 'need' that higher amortization to qualify do not sit on the fence any longer or you may just miss your chance.
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