Valueland's blog

What Do The New Rules Mean For Borrowers?

In response to Federal government’s mortgage rules change announcement on Oct. 03, 2016, all the lenders have implemented the new rules in the past few weeks and now the new lending guidelines are in effect.

Here is a brief summary of the new rules:

1). For insured and insurable deals, the applications have to meet the following parameters:

Mortgage Rates Are On The Rise

Following TD’s increase to its prime rate, RBC announces to increase their fixed rates across the board, effective today.

This might be a signal that all other lenders will soon to follow the measure to increase their prime rate.

Due to the higher bond rate market, the 5-year fixed rate has jumped about 25 basis points amongst most of the lenders.