If you had signed a purchase agreement on a new home before January 1st, lenders will not have to apply the stress test even if you apply for a mortgage in 2018. This also applies to Pre-Construction homes too.
If you are pre-approved for a mortgage, some lenders will give you 120 days from January 1st to buy your new home without worrying about the new rules. The same is true for mortgage refinancing, if you have had a mortgage refinance commitment in place by December 31st, you have an extra 120 days.
Now, the new stress test will not have any impact on you if you pass it. On the other hand, if you are worried that you won’t qualify for the new Stress Test, we have prime, triple A lenders who do not “Stress Test” so you can qualify easier!
For more information and to review your financing needs, Contact Geoff Del Grande.