The race is on...
The new "rules" are upon us and one of the biggest changes is the Qualifying Rate Rule.
To clarify, if your client is taking a 5 year fixed rate (today at 3.89%) then they qualify based on that rate. If they want a fixed term shorter than 5 years or a VRM of any term, they will have to qualify at the Bank of Canada posted 5 year rate available weekly at this link: http://www.bankofcanada.ca/en/rates/interest-look.html and check V121764 (5 year Conventional Mortgage rate) then scroll up and click "Get Rates"
This is a great bookmark to have going forward to ensure that your client qualifies for the term they want.
