By Cindy Janisch
If you have recently been pre approved for a mortgage you should re visit the approval process. The bank of Canada has increased the benchmark qualifying rate to 4.84%. What does this mean? If you have a mortgage that is considered High Ratio and is insured with CMHC, then you must now qualify using the 4.84% which increased from 4.64%.
©2021 Cindy Janisch, Mortgage Associate