How Mortgage Lending Rules as of Mid-April May Affect You

If you're thinking about buying a home, you need to hear this! Mortgage lending as we know it could change dramatically as of Mid-April. While these are just proposals that OFSI in Canada has presented, you could be impacted. Borrowers may turn to lenders that are not as strictly regulated, for easier approval. This type of flexibility comes at a cost, like higher interest rates and fees. This increases the risk of default for these borrowers. It may also result in fewer borrowers being approved for a mortgage with a lender that is regulated by the federal government, such as a bank. I’d like to thank Reena Visani, mortgage lender with Affinity Mortgage Solutions, for sharing such valuable information for buyers. I am Jen and I sell homes. #OFSI #MortgageLendingOntario #OakvilleRealtor