Own Your Life ~ by Jessi Johnson
More mortgage rules are coming in 2025, and it is NOT good
Yes, you heard that right. Our federal government is added again and wants to make it harder to qualify for a mortgage starting in 2025.
If it's not hard enough already, I am disheartened to say that it's about to get harder
The new rule, set to take effect in the first quarter of 2025, limits the amount of mortgage a bank can issue to a maximum 4.5 times a borrower's annual income
The loan-to-income (LTI) ratio compares the size of the homebuyer's mortgage to their gross income.
You can thank OSFI for this, aka Office of the Superintendent of Financial Institutions
How is that going to affect you?
Yes, you heard that right. Our federal government is added again and wants to make it harder to qualify for a mortgage starting in 2025.
If it's not hard enough already, I am disheartened to say that it's about to get harder
The new rule, set to take effect in the first quarter of 2025, limits the amount of mortgage a bank can issue to a maximum 4.5 times a borrower's annual income
The loan-to-income (LTI) ratio compares the size of the homebuyer's mortgage to their gross income.
You can thank OSFI for this, aka Office of the Superintendent of Financial Institutions
How is that going to affect you?