Benchmark Qualification Rate may increase to 5.44% next week!
Following the Fixed rate increases announced earlier this week, we also have the following benchmark rate alert that you should watch out for. ?TD Canada Trust and RBC Royal Bank have already increased their 5 yr Fixed Posted Rate to 5.44%. This means that the Bank of Canada will most likely increase their Benchmark Rate to 5.44% on Monday.
What does this mean for you?
In certain scenarios this will significantly reduce the amount of mortgage you can qualify for. ?Most affected will be clients with less than 20% down payment and those interested in Variable rates or Fixed rates with 1-4 year terms. ?Don?t wait, act now! Remember that the CMHC mortgage rule changes on 18th March 2011 will also lower the maximum amortization to 30 years further lowering the total mortgage amount you may qualify for.
To find out more please give me a call or speak with your neighbourhood mortgage broker at?1-866-521-4536 or firstname.lastname@example.org!