Additional policy change to mortgage application
Effective
October 31, 2012, additional policy changes :
Maximum 65% LTV will
now apply to all Business for Self and New immigrant applications. no exception and confirmation of business is required regardless of LTV
Qualifying Rate Changes for
Conventional Mortgages
Closed Variable Interest Rate Mortgages and Fixed Rate
Mortgages terms LESS THAN 5 years – the
greater of the Bank of Canada 5 year benchmark rate or the customer rate will
be used as the qualifying rate
Fixed
rate mortgages with terms equal to or greater than 5 years - the actual customer rate will be used
as the qualifying rate
Applications submitted before October 31, 2012 will be adjudicated using the current qualifying rate
policy
You may need to look at it closely to see how big the impact to hit on you if you are self employed
