We are well into 2018 and are starting to see the effect of the fully implemented mortgage rule changes that came in January of this year. As reported recently in the Financial Post, many borrowers who would have been approved at traditional bank lenders just last year are now being turned down. As a result, the mortgage broker channel has seen an increase of over 20% in new applications.
More and more Canadians, as per Canadian Mortgage and Housing Corporation’s (CMHC) latest survey, are using the services of mortgage brokers and are calling them first. CMHC stated that mortgage broker share is trending upwards and with 55% of first time buyers now relying on the advice of mortgage brokers.
This makes total sense given brokers have access to the Canadian mortgage market including many credit unions, mortgage investment companies (MIC’s) and other lenders that are not affected by the new regulations in the same manner as traditional bank lenders are.
Now is a great time to see what you can qualify for and get pre-approved for your first or next mortgage. Whether you’re buying, refinancing, or investing, let me provide you with all the relevant information and resources to help you achieve your dreams and financial goals.
Your best option is to simply talk to me first.