Mortgage Approval - Rule Changes Increase The Challenge

The new mortgage regulations were aimed directly at federally regulated lenders such as RBC, CIBC, BMO, etc, but initially did not effect the provincially regulated lenders such as Coast Capital, VanCity, Blue Shore etc. Well they now have. 

BC Credit Unions, by choice, are now changing their guidelines:

- Increasing qualifying rate (VanCity 3.69% to 4.64%)
- Decreasing amortization (VanCity 30 year to 25 year)
- Getting out of certain lending areas (Blue shore does not lend to Surrey anymore)

Now, more than ever, an experienced, Licensed Mortgage Broker, is your best resource to put together your best options.

Call me today to discuss your real estate financing plans. I am always here to assist you!