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Contact Ron Riley

Contact:

     Ron Riley
     Mortgage agent
       Lic.#17001590

     Cell: 705.737.1963

If you are looking to buy a home or refinance? These changes will affect you! 

You may have seen some articles or heard mention in the news recently of new mortgage regulations and the “stress test”. I wanted to share the information with you directly.

The Office of the Superintendent of Financial Institutions (OSFI) has released the new B-20 regulation that comes into effect January 1, 2018. The B-20 regulation will impact your borrowing power and maybe the difference of getting approved or not. The rule requires you to pass a stress test by qualifying at the greater of the benchmark rate published by Bank of Canada or the contractual mortgage rate +2%. This new regulation can reduce your borrowing power by up to 25%!  See the image below on how the B-20 regulation will impact your borrowing power. 


If you are looking to buy a home or refinance? These changes will affect you! 
This regulation change can REDUCE your buying power but any mortgage pre-qualifications that are completed before January 1, 2018, will be grandfathered in! 

Contact Ron Riley today if you have any questions or want to get a mortgage or refinance before the changes come into effect.


 

Apply Now! Click below on application image to go to our easy on-line application

                                          Click on Image to go to our fast & easy on-line application



We provide loans from $10,000 up to $20,000 to home owners.  
Email us or Call us at 1-888-643-0130 x701  CLICK HERE FOR MORE INFO

                                           

 

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