关于MORTAGE QULIAFICATION NEW RULE

[shemozhuben]

听说今年4月政府出台了一个新的政策，如果想借VARIABLE MORTGAGE， 是需要通过5 YEAR FIXED RATE来计算DEBT SERVICE RATIO。

请问现在实际情况执行如何？
譬如我用PC的CALCULATOR，我选5 YEAR VARIABLE， 利息2.350%，它说我可以借多少多少。到时候我填了APPLICATION，是否要用5 YEAR FIX RATE重新作QUALIFICATION阿(20%以上 Downpay)？

 

[dkwan]

Only when it's under CMHC default insurance.

 

[jmm]

use 5.29% as qualified rate to see the ratio is higer or no, if higher than 40% means you can't get variable rate, have to back to 5 years fixed, anyway, if your beacon score is above 680, the ratio could up to 44%