BAD Credit ☹ LOW Income ☹ Failed in 2018 Stress Test. Time to SMILE now R3P Mortgages can arrange Mortgage for your dream home and business property.

What is the New 2018 Mortgage Stress Test ? New minimum qualifying rate, or “stress test,” for uninsured mortgages (mortgage consumers with down payments 20% or greater than their home price). As of the 1st of January 2018, all Canadian buyers borrowing from a federally regulated lender will be subject to the OSFI Mortgage Stress Test, including insured borrowers (those with a down payments of 20% or more.) Lenders will now have to qualify all conventional mortgages using the Bank of Canada’s 5-year benchmark rate, which is currently set at 4.99%, or at the current contracted rate + 2% if that rate exceeds the benchmark rate. So, if you are currently pre-approved at 3.5%, you will now have to qualify as if your interest rate were 5.5%, which could significantly reduce your buying power. “The main effect will be felt by first-time buyers,” says James Laird, “No matter how much money they put down as a down payment, they will have to pass the stress test.” The effect of the changes will be huge, resulting in a 20% decrease in affordability, meaning a first-time homebuyer will be able to buy 20% less house, explains Laird.

We deal with all major Banks, Credit Unions and Private Mortgage. We never say no to any body.

Our Major Services: 1. Residential Mortgages (1st/ 2nd/ 3rd) 2. Commercial Mortgages 3. HELOC, Line of Credit on Home Equity. 4. Re-Financing 5. Debts Consolidation 6. Pre-Approval 7. Any Loan ( Truck, Personal, Business )

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Contact: Raj (Agent License # M17001969) @ 416-561-5323. Call me for free consultation TODAY !!!