Mortgage Brokers How To Find The Right Mortgage Deal | Page 3

Feeling Concerned about the New
Mortgage Rules in Canada? Know How
to Proceed!
• Do Not Leave Other Debts Hanging
• In the light of new mortgage rules, you should never try to file your application for a home
loan unless you have cleared all your other loans. The stress test is surely going to derail
your plans if there are other outstanding loans showing in your report. Understand that any
debt you already have will have a direct impact on how much mortgage you can get. So, be
sure to check any outstanding loan or unpaid credit card before you decide to apply for a
mortgage.
• Never go ahead without checking the fine print
• It has never been this important to check the fine print before finalizing your decision to
obtain a mortgage from a lender. Do not just fall prey to those fascinating offers created by
lenders in the industry. For instance, some would ask you to get preapproved first and then
buy a property within 120 days of getting pre-approved to become 'immune' to the effects
of the new stress test. Therefore, it is important to pay attention to the complete picture,
especially if you are a move-up or repeat buyer interested in buying a bigger home than
what you currently have.
• Do Not Be Afraid of Making Adjustments
• With new rules now in effect, you should consider working with a right broker and be
willing to make certain adjustments to your plans. A good idea would be to delay buying for
a while until you can build up a better down payment. If you cannot wait, you may have to
stay content with whatever you can afford at the moment, which is likely to be less than
what you might have obtained last year.