Big News: No More Stress Tests for Mortgage Renewals – Here's What You Need to Know!
If your mortgage renewal is coming up, this could be a game-changer for you! As of November 21st, 2024, the government is removing the stress test requirement for uninsured mortgages (those with a 20% or more down payment) when switching lenders. This means you can now explore better rates without the hassle—potentially saving you thousands of dollars on your mortgage!
What Does This Mean for You?
- More Options: You can now switch lenders at renewal without needing to pass the stress test, as long as your loan amount and amortization stay the same.
- Lower Rates: Access more competitive rates, which can reduce your monthly payments and save you big over time.
- No Added Hassle: The process is simplified, giving you more flexibility and freedom to shop around.
Why Act Now?
With this new rule, you have a unique opportunity to maximize your savings. Even a small reduction in your interest rate could make a huge difference in your payments. If you’ve been dreading your renewal, this change could make it much easier and more affordable.
What’s Next?
Book a quick call with us today to discuss how you can take advantage of this new rule and find the best mortgage options available. It’s a free consultation that could save you thousands. We’ll guide you through the process and help you explore your best options.