In its latest update, Canadian Mortgage App introduced several new features designed to provide a higher level of customer experience for its users nationwide.
Launched on August 24, version 8.0 now allows users to conduct stress tests with the new qualifying rate.
“If you were previously stress testing your mortgage or were using the GDS/TDS calculator, you will now see the change in the qualifying rate increased to 4.84%,” according to the developers’ notes for the new version.
In addition, the app will now permit users to calculate the possible impacts of the foreign home buyers’ levies implemented by provincial governments in response to red-hot conditions in Toronto and Vancouver.
“For foreign buyers and non-Canadian citizens, we have included the option to determine the Ontario non-resident speculation tax and the Vancouver (GVA) foreign buyer tax,” the developers explained. “If you are doing a renewal or a refinance, you can finally turn off land transfer tax calculations all together.”
The full rundown of the changes (along with helpful graphics) can be viewed here
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