Re-Qualification

The times they are a changin'. Or are they? The media has been chatting over the last week about potential new rules surrounding mortgage refinancing. Thoughts have been spinning around about lenders having to make renewing mortgage clients re-qualify for their mortgage. This is a pretty big deal if you consider all the things that can change for a mortgage holder during the period of their term. This could mean that thousands of people would be punted from their homes due to lack of re-qualification regardless of if they have never missed a mortgage payment. Making these kinds of changes simply makes no sense and there is no indication that any of these "rule changes" are going to amount to anything. I have had several clients call me this week in a panic thinking that the bank is going to take their home because of changes in their situation. Changes could be things like new employment, a partner being on maternity leave and earning less income or a client who has started working for themselves. I am here to assure that nothing has changed and I am very certain that re-qualification upon mortgage renewal will not happen. This would be devastating to consumer confidence in Canada and create a massive strain on lenders who would be forced to acquire thousands of homes from loyal customers. All the best! Jamie Moi, AMP Dominion Lending Centres - West Coast Mortgages Your mortgage consultant for life 604-534-6504 jamiemoi@jamiemoi.com And don't forget to Like my Facebook page at www.facebook.com/JamieMoiMortgageTeam.