Episode 139 Transcript – How to get around the new qualifying rate

Episode 139 – How to get around the new qualifying rate

Here’s Mortgage Secrets with your award winning AM730 mortgage expert Jessi Johnson.

Jessi: Hi you are here with Jessi Johnson and my wife Janakie, say hello…
Janakie: Hello!
Jessi: We’re sitting in New Orleans or Nawlins as they call it, at Columns Hotel Bar and it was actually voted the number one Hotel Bar or Bar in all of North America, pretty cool. Anyway, my point today is with regards to qualifying rate. The new qualifying rate today is 6.25 percent. So if you want a variable mortgage of 1.75 percent or any term less than 5 years, 1 to 4 years, you have to qualify off this rate. People are freaking out because what’s happening is people are not able to qualify for mortgages right now because qualifying rates are too high. So what we do is suggest taking a 5 year fixed rate which can be much significantly lower, probably close to 2% less in order to qualify. So there’s a little trick for the day. Anyway I’m going to give you a view of this amazing courtyard, starting with the wife.
Janakie: Drinking a mint julep!
Jessi: Mint julep, is it good?
Janakie: Yes.
Jessi: Delicious! This courtyard is stunning! Look around the side you got these steps and that is the main entrance. It’s a huge, huge hotel slash restaurant bar. Anyway, pretty cool stuff. You can reach me at firsthomeinfo.ca or jessijohnson.ca, remember to own your life. Have a good day, buh-bye!