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TD – New Mortgage Rules: Mortgage Pre-Approval

1,233 views · Published 3 January 2018 · 0:30 · Indexed 30 October 2026

Channel: TD · 2018 · Education

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How will the new mortgage rules affect mortgage pre-approvals?  TD Canada Trust is ready to answer your questions and guide you through these changes. For more information visit https://go.td.com/2A34Rv4

The new mortgage rules come into effect on January 1, 2018.
Under the new Canadian mortgage rules, home buyers who have a down payment of 20% or more will be subject to a stress test.  The stress test will use either 5-year benchmark rate published by the Bank of Canada or customer's mortgage interest rate plus 2%, whichever is the higher.

If you already have your mortgage pre-approval and purchase your home before your pre-approval expires, you are not affected by the new rules, regardless of when it closes.

You can use the TD Mortgage Affordability Calculator to estimate your down payment and compare which mortgage suites you best: https://tools.td.com/mortgage-affordability-calculator/  

Contact a TD Mobile Mortgage Specialist to learn more about the new mortgage rules and to find a mortgage solution that best fits your needs: https://www.forms.td.com/app/resl/#/resl/resl-form

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