Buying a home is a major transaction and is one of the biggest financial decisions of your life.
Unfortunately, there are many deterrents that could make the home buying process complicated, frustrating and to some unattainable.
Not only do prospective buyers have to deal with rising house prices and the limited supply of houses that are available, another major complication is the mortgage stress test.
Mortgage Stress Test
Introduced by the Federal Government in 2017 the stress test was implemented to manage the debt load of Canadians by forcing new homeowners to prove that there is enough household income available to qualify for the mortgage by using a “minimum qualifying rate”.
The minimum qualifying rate is based on either:
The rate offered by your mortgage lender + 2%
The Bank of Canada Benchmark rate which at the time of this writing was 5.34 + 2%
Whichever is higher!
That is why working with the right Real Estate Representative is beneficial and could save you a lot of blood, sweat and tears.
The right Real Estate Representative will have the qualities you most desire…
Problem solving skills, self-motivation, honesty and integrity, the ability to pay attention to the smallest details, knowledge and interest in the real estate market and the list goes on…
They will also know how to…
Help identify your needs and wants, provide suggestions regarding financing, go above and beyond your expectations guiding you through every step of the buying process making sure there are no hidden snags that can delay closing.
Are you ready to begin your journey?
Call Lee Talbot – Sales Representative today to book an appointment at (519) 379-3553.
It could be the smartest decision you ever made!