October 17th, the government will implement major mortgage lending changes... are you ready?
October 3, 2016 will yet again become another day to remember when our government decided to announce changes to our mortgage lending rules.
Here in Alberta it was already a little more difficult for us to obtain mortgage financing. And unfortunately, these new rules came about very quickly. For many months we've talked about becoming the master of your own finances; the rules that are being made really only reinforce why it is so important for you to be in control.
Although I do believe these changes will be a benefit to Canada, it is really disheartening that the government did not give us a better time frame to work with. Unfortunately, many people will be impacted by these rules, some of which have worked their butts off for months in order to qualify today. You know who you are. Many of us have talked about this, and if I could apologize on their behalf for such poor implementation, I would. I'm sorry. You have done amazing work; do not discredit your ability to continue to conquer your dreams I know you can do it!
If you are a bit behind and need to follow up on the four major rules that have changed please click here to learn more about what these changes look like.
In passing, these changes further effect the mortgage lending market and industry more than most of you know. The financing world can be a complex but I truly believe as consumers we all like options, we all like to make informed decisions and we all like to know there is someone there to support us in wherever life finds us. I hope you know I am here to help.
With all of this in mind, if you or someone you know needs to look at their mortgage financing options there is no better day than today. More importantly if you were already engaged in pursuing mortgage financing – even if you're already committed – it is very important that you ensure you have all bases covered.
Most importantly, remember the deadline before these changes take place is quickly approaching. Lenders are still digesting this change, and not all of them have been able to impose any other deadline, but we do know the federal government has imposed the deadline of October 17, 2016.
Wishing you all the best, and, Happy Thanksgiving!