Qualifying Purchase Price – Why I’m Now Giving My Clients Two Price Points

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Back in June 2012 OSFI (Office of the Superintendent of Financial Institutions) rolled out their B-20 Residential Mortgage Underwriting Practices and Procedures, in an effort to force banks and lenders to follow more prudent underwriting guidelines. One of the most impactful changes was imposed on borrowers who want to take a Variable rate, or a… Read more »