We had a wonderful call yesterday with one of my lenders. The key emphasis was on increasing FLEXIBILITY. The BDM was telling us about a few exciting new policy changes that are being rolled out. Some of these include higher GDS & TDS ratios for mortgage applications and a lower minimum beacon score (credit rating) requirement.  

It has become very challenging for many Buyer's to qualify under the typical 39/44 ratios with the cost of living rising so, these increased ratios and flexibility are very welcomed. The BDM also shared some exciting new policy changes that apply to those who are applying under the class of Business for Self, BFS. 

Very exciting news for many. Having said that, it's incredibly important to keep affordability in mind at ALL times. The last thing you want to do is get yourself into a situation where you are stretching your limits. Always speak with a mortgage agent about the pros and cons and stick to your budget so you can maintain peace of mind at all times. 

Questions? Please reach out.

You can reach me at shara@themortgageadvisors.com

https://www.mortgageweb.ca/sharaturner