Pattie Lovett-Reid: What the new rules around uninsured mortgages mean for homebuyers
It is not the first time and it won't be the last time the Office of the Superintendent of Financial Institutions (OSFI) changed up the qualifying rules for uninsured mortgages (i.e. residential mortgages with a down payment of 20% or more).
Effective June 1, even with a hefty down payment, the minimum qualifying rate for an uninsured mortgage will be the greater of the mortgage contract rate plus 2%, or 5.25%.
Original Article Source Credits: CTV News , https://www.ctvnews.ca/
Article Written By: Patricia Lovett-Reid
Original Article Posted on: May 25, 2021