Understanding how Banks qualify clients for mortgages in these days.

Qualifying Rate:

  • Fixed Rate Mortgage of terms less than 5 years and all Variable interest Rate Mortgage-Applicants will be qualified on the GREATER of the 5 Years Bank of Canada Benchmark Rate ***, OR the discounted rate
  • Fixed Rate Mortgage of terms 5 yrs or greater - Applicants will be qualified on the discounted rate.

This change applies to both conventional and insured mortgages.

*** The Bank of Canada Benchmark Rate is defined as the Chartered Bank- Conventional Mortgage 5-yrs mortgages rate, published by the Bank of Canada each Monday, can be found at

http://www.bankofcanada.ca/en/rates/interest-look.html

AJ Singh

AJ Singh

Sales Representative
CENTURY 21 Green Realty Inc., Brokerage*
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