Major Mortgage Update: Stress Test Changes and Renewal Strategies
Big news for Canadian homeowners!
Starting November 21, 2024, the stress test requirement on straight switches for uninsured mortgages will be lifted. This means banks can now accept mortgage switches without subjecting homeowners to additional qualification hurdles. While some lenders may take time to adapt due to internal updates, this policy change offers an exciting opportunity for homeowners to secure better mortgage options with greater ease.
What Does This Mean for You?
If your mortgage is set to renew within the next two years, you’re part of a significant wave of Canadians preparing for renewals. Here’s how you can make the most of this changing landscape:
1. Start Planning Early
Begin strategizing 8–12 months before your mortgage matures. Working with a mortgage professional like me during this period allows us to:
- Explore all available options.
- Lock in the best rates and terms ahead of time.
2. Leverage Broker Expertise
A broker provides unmatched value when navigating renewals:
- More Options: Unlike sticking with your current lender, I can shop around with multiple lenders to find the best product for your needs.
- No Stress Test Hassle: With the policy change, switching lenders without a stress test is now easier for eligible homeowners.
- Tailored Advice: Whether you're renewing, refinancing to consolidate debt, or considering a line of credit, we can craft a personalized strategy to meet your financial goals.
Why Work With Me?
Customized & Accessible Service
I understand that life is busy. That’s why I offer:
- Flexible, after-hours consultations.
- Virtual meetings to fit your schedule.
- Transparent Guidance
- You deserve to know all your options.
I will
- Compare offers from your current lender and competitors.
- Help calculate the true cost of each offer, factoring in hidden fees or restrictions.
Why Choose a Mortgage Broker?
Renewals, refinances, and purchases require expert navigation. As a broker, I provide:
- Comprehensive Market Knowledge: Stay ahead of trends like the stress test changes.
- Objective Insights: I work for you—not the banks—to ensure your mortgage fits your needs.
- Ongoing Support: Whether you want to explore your options or validate your current deal, I’m here to help.
Let’s Get Started
Mortgage renewal or refinance approaching? Let’s explore your options together:
P.S. Know someone with mortgage questions? Introduce us via email! If they book a call with me, you’ll be entered into my monthly draw to win $2,500!
Looking forward to helping you navigate your renewal, refinance, or next purchase—and giving you the confidence to make the best financial decision for your future.