Big News for Canadian 🏠Homeowners!
Shop around for better rates at renewal—no “stress test hoops” required!
What’s changed?
No more stress test (MQR) for straightforward switches or transfer-ins at renewal.
Here’s what you need to know:
Eligibility Criteria:
- The mortgage increase is $3,000 or less.
- The amortization aligns with the original term minus the elapsed time.
- Applies only to standalone mortgages (no HELOCs or revolving components).
đźš« Exclusions:
- Mid-term transfers.
- Combined loans (e.g., mortgages bundled with HELOCs).
- Equity take-outs.
Qualifying Rates for New Transfers:
- Fixed Mortgages: Use the quoted or contract rate.
- Variable Mortgages: Use the equivalent variable rate (including any relationship pricing discounts).
Why this matters:
This update gives you greater flexibility to shop around for better rates and save money at renewal—without jumping through stress-test hoops!
Casey Struck
Struck Mortgages
“Love your budget, love your home.”