Will New Mortgage Requirements Affect Buying a Home in Peterborough?
New tighter mortgage rules are aiming to protect all of us in the event mortgage rates rise. The low rates we have been enjoying for more than a decade are bound to change. For some, you might have another 5 years to enjoy your current rate. But for the families that have a renewal in the near future or those who are just entering the market, they are going to be crossing their fingers that rates won't go up. However, if the banks start pre-qualifying you at a higher rate, both you and your mortgage lender can be assured that when rates do go up, you will be able to pay.