I took more calls today than I could count asking, “Is it too late to get in under the old rules?”
The short answer is: “YES”
The reality is that lenders are swamped with applications from people that got them in within the last 7 days. They’ve been working around the clock to the mortgages submitted.
However, the first question I ask when I get this request is, “Do the changes even apply to you?”
The changes primarily affect investors, variable rates, and rental or self employment income. If this isn’t you, then rest easy. Otherwise, watch this video blog that explains it in greater detail.
Transcription of Video:
Hi everyone, it’s Rowan Smith with the Mortgage Centre.
Today is Friday, April 16th and a lot of people have called me today and said, “am I too late to get in on the old mortgage rules?”
And the first question I always ask them is, “What mortgage rules are you afraid you will be missing out on?”
In many cases people say to me, “well I want to refinance my house and take out some equity,” or they say, “I want to buy a place.”
I say to them, the three changes only affect three things. I guess technically, four things.
One, self employed people that can’t prove their income.
Two, investment properties.
Three, qualifying for variable rate mortgages.
Four, refinancing to 95 percent.
If none of that is you, then you don’t have to worry about the changes. However, for those of you that do fit into those categories, chances are, YES, if you are watching this video it is after or on April 16th, and it is too late.
Even though the laws change on April 19th, our ability to get you realistically approved and reviewed by the relevant parties (in time) is slim to none.
If you do have somebody in this situation, and you want to at least explore the option of perhaps getting it put before CMHC or one of the other mortgage insurers on Monday, please give me a call over the weekend. I’ll make myself available.
My name is Rowan Smith, for the Mortgage Centre.