📣 Exciting Update for Homeowners! 🏠✨
Starting November 21, 2024, switching or transferring uninsured mortgages at renewal just became hassle-free! 🙌
What’s the big news?
🔑 No more stress test (MQR) is required for straight switches or transfer-ins at renewal!
Key Criteria to Qualify:
✅ Mortgage increase is $3,000 or less.
✅ Amortization is within the original term minus the elapsed time.
✅ Applies only to standalone mortgages (no HELOCs or revolving components).
❌ Excludes: mid-term transfers, combined loans, or equity take-outs.
Qualifying Rates:
🏡 Fixed Mortgages: Use the quoted or contract rate.
🏡 Variable Mortgages: Use the equivalent variable rate (relationship pricing included).
💡 This change gives you more flexibility to shop around and save money at renewal! Be sure to check with your lender to ensure you meet all the criteria.
Tony&Ledi Alushi
Realtor® & Broker
647.493.3579
iProRealty Ltd., Brokerage
www.tonyledi.com
Your Home Sold Guaranteed or We Buy It!*
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