11/21/2024
Effective today – November 21, 2024 - MORTGAGE RENEWALS
The removal of the stress test requirement for uninsured borrowers looking to switch lenders at RENEWAL time opens up new opportunities for homeowners.
This will allow consumers get a better rate at renewal.
With the previous qualifying rules, borrowers who stayed with their existing lender were not required to undergo requalification.
With a switch to another lender, we go through the full underwriting process – this means the borrower CAN get better rates with the help of knowledgeable mortgage agents and brokers.
Mortgage Professionals Canada President and CEO Lauren van den Berg had told CMT (Canadian Mortgage Trends) that the change “ensures that homeowners can secure the best rate that fits their financial needs without unnecessary barriers, giving them greater choice and flexibility.”
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