We’re just over a year into OSFI’s new mortgage stress test and the earth is still spinning on its axis. But that axis is now tilted…in credit unions’ favour. If you’re a mortgage shopper who’s been turned down by a bank—courtesy of the aforementioned new mortgage rules—then WE want to talk to you!
Since January 1, 2018, all homebuyers seeking a new mortgage are subject to a stress test if they are dealing with federally regulated lenders such as major banks, even if they have 20% or more down. It also applies to homeowners renewing a mortgage with a new lender. So basically, if you stay with your current bank for a renewal, you are off the hook for the stress test, which does not always work in your favour as they will typically take advantage of your situation and offer you a less than desirable rate. So what are your options if you’re worried about passing the test?
In the Okanagan, the team at Rampone-Marsh Mortgages have specialty access to Credit Union’s who aren’t bound by OSFI’s game-changing “stress test”. This is because Credit Union’s are provincially regulated — but not federally — so aren’t required to impose the stress test. Instead of forcing you to prove you can afford a rate that’s two-plus points higher, our lender will qualify you on the contract rate you actually pay. The best part??? YES, we are one of the exclusive mortgage broker teams in the Okanagan on their approved broker lists. We are your go-to source for borrowers turned down by banks. Why? Because we can compare multiple credit unions to find betters deals for more indebted Canadians.
As your mortgage advisors, we can help you sort through the confusion by providing you with a quick and easy break-down of your options. If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Get in touch today! (778) 760-2844