It is a common misconception that you will qualify for a mortgage in the future because you have qualified for a mortgage in the past.

This is not accurate!

Do. Not. Assume. Anything.

Even if your financial situation has remained the same or has improved, securing mortgage financing is more difficult now than in recent years.
The latest changes to mortgage qualification by the federal government has left Canadians qualifying 20-25% less. On top of that, guidelines that lenders would use in determining your suitability have been replaced with non-negotiable rules and declarations.

As mortgage professionals, we keep up to date with the latest trends going on in the mortgage world by understanding lender products and staying attentive to evolving changes.

Please note that although your mortgage terms might be portable, the “approval” itself is not portable, and regardless of the situation the borrower must fully requalify for the mortgage on the new home, even if they just want to move their existing mortgage to the new home.

Email Cory today to start your plan at info@YourPlan.ca

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