It Is Now Easier To Switch Your Mortgage (or at least it will be very soon)

As of November 21, 2024, the Office of the Superintendent of Financial Institutions (OSFI) is removing the stress test requirement for uninsured straight mortgage switches. This change will make it easier to switch lenders at renewal time, without the extra hurdles of higher qualifying rates—provided you keep the same loan amount and terms.

With these new rules, it’s a great opportunity to explore better mortgage options! I always recommend reaching out to your trusted mortgage professional and have them shop your mortgage around before your mortgage maturity date. Let banks and lenders compete for your business and secure the best deal possible!