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Mortgage Calculator

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Industry News

 Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages with less than 20% equity.

 

In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless of equity. But credit unions, which are provincially regulated, were not bound by this guideline.

 

As a result, some credit unions today let conventional borrowers qualify for variable-rate mortgages using significantly lower rates. That makes it easier to get approved when your debt ratio is above average.

 

How much easier?

 

Consider a qualified borrower making $70,000 a year. As of today, that person can get a variable-rate mortgage as high as $483,000 at some credit unions. At a bank, he or she would be capped out at roughly $413,000.

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