What the new mortgage regulations mean for homebuyers - Guest Blog

In October 2017, OSFI introduced revisions to their guidelines on Residential Mortgage Underwriting Practices and Procedures (B20) that include the requirement for the stress testing of uninsured mortgages and introduce a restriction over co-lending or bundling of loans. For example, a minimum qualifying rate for uninsured mortgages will be required which, is the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate plus 2%.

As of January 1, 2018, the mortgage process has changed at many financial institutions, making it more difficult to purchase a home.

We do mortgages differently.

Meridian, a provincially regulated institution is not affected by these changes. It continues to see strong momentum within the mortgage market and its approach has not changed. Meridian always includes a member-focused attitude that embraces proactive financial advice with engaging dialogue that places financial well-being and, by extension, well-being in general at the forefront.

For further information and to find out more about home mortgages contact Sandra Lethby, Mobile Mortgage Specialist at 289-929-8689 or sandra.lethby@meridiancu.ca.