Mortgage Renewals Just Got Easier!

Good News (finally!) on the mortgage qualifying front as welcomed changes have just been announced.

The Office of the Superintendent of Financial Institutions (OSFI), which is the governing body behind our mortgage policies, has announced that the stress test is no longer required for someone who holds an existing insured mortgage.

This is GREAT news for applicants whose mortgage is up for renewal and felt forced to stay with their current bank due to qualifying constraints.

The changes implemented are for individuals who paid a mortgage insurance premium when you purchased your home. Provided that the mortgage still has this insurance, then upon renewal, you are not subject to qualifying at higher stress-tested interest rates. You are eligible to qualify for the renewal at your new contracted interest rate. This means it will be easier for an existing homeowner to shop around and obtain competitive pricing.

Please reach out if you have any questions about this exciting update to mortgage renewals!