Canada’s banking regulator (OSFI) has published the final changes to its guidelines for residential mortgage underwriting taking effect January 1st 2018. Does this affect you? The media and Mortgage Professionals alike are all flooding this topic with blogs, emails and maybe too much content leaving people confused about whether this will affect them specifically. Let’s talk about it…
Who will this affect?
- People who are purchasing a home and plan to put more than 20% down.
- Current Homeowners who want to access the equity in their home.
When will this change happen?
The new rules will take effect on January 1st 2018.
***If you are among the people that this change will affect then you need to take action early, lenders will start implementing these rules leading up to January 1st.
What difference will this actually make for me?
If you’re curious about what difference this will make with your specific situation then contact me and we will discuss how this change will make an impact on your purchasing power or the ability to access the equity in your home.