OFSI (Office of the Superintendant of Financial Institutions Canada) is recommending some pretty significant Guidelines for lenders to clamp down on mortgage underwriting.
what does this mean for you? If you have purchased a new home from the builder expecting to be approved for financing based on your current financial situation and the lender's current underwriting guidelines but wait until closing time to obtain your mortgage approval you might be unpleasantly surprised.
What can you do now? Make sure you have a mortgage approval in place now. Not only does this cap an interest rate should rates increase, but it also ensures your mortgage is approved based on your current financial situation.
If you have any questions do not hesitate to call.
_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email:
christina.jackson@td.com
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