As of Jan 01, 2018 stricter rules for refinancing mortgage in Canada will be imposed. It’s called Mortgage Stress Test. In a nut shell you need 15-20% higher income to qualify for the same refinancing mortgage amount in Canada. Irony is many will fail & won’t be able to access their home equities.
Scroll down to learn how banks evaluate your mortgage refinancing file before even putting you through mortgage stress test.
Selections compiled will give you a good picture of where you stand and an estimation of your CID profile that will afford you a real advantage especially after Jan 01, 2018 once new rules of refinancing mortgage is implemented in Canada. Your decisions in this journey will affect you for life, so make them informed and put your best foot forward!
Choose the best possible scenario from the table above if you are looking to refinance your home mortgage.