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Old 12-04-2017, 01:48 PM   #3
Mortgage Made Easy
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Join Date: Sep 2014
Location: Calgary, AB

Originally Posted by MoneyGuy View Post
Tim, do you think these new rules are good and do they provide more safety for home buyers? And your reasons? Thanks in advance.
Thanks for the question...

I think there is some prudence to the changes however I don't believe that they have given enough time to previous changes (a year ago) before considering what makes sense.

However, the changes I think are going to cost some borrowers more:
1- Some self-employed people are already being pushed into the alternative market for lending. And believe the new changes will increase the alternative lending market.

2- Renewals - while the change does not affect you if you renew with your existing lender, it will remove your ability to choose & compare your options and therefore, likely have to accept the rate that is being offered by your existing lender.

Overall, the changes are going to either take away choice & competition which benefits the lender (banks primarily)... not the consumer.

One thing that I do know... it is more important now than ever to speak with a good mortgage broker as the changes are many. And obtaining a mortgage going forward is more than just rate... the solution needs to be tailored, if possible to your overall financial goals.

Wrong choices will cost you more than it may save you. There are so many options and knowing them, is important (banks, credit unions, non banks... they all have a place and time)!
Tim Lacroix | 403-648-1541
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