This is just a kind reminder that as prime lending rates rise, so does the “benchmark” or qualification rate.
Previously the benchmark rate had been set at 4.99%.
So anyone qualifying for a mortgage would need to qualify at that rate OR the contract rate + 2%, whichever was higher.
Now with the last rise in rates, the benchmark is at 5.14%.
The same rules apply, but the threshold has increased. Furthermore, we anticipate that it will continue to increase. Contract rates are still low! So I would suggest getting your deals in soon to qualify and then continue to enjoy the low contract rates that are available.
Robert can be contacted at 905-574-9200 Ext. 215 OR by email at firstname.lastname@example.org. You can fill out an application online at https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896 with absolutely no pressure and no obligation.
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