Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate.

That rule applied to mortgages with less than 20% equity. In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless of equity.

But some lenders, which are provincially regulated, were not bound by this guideline.

As a result, some of the lenders today let conventional borrowers qualify for variable-rate mortgages using significantly lower rates.

That makes it easier to get approved when your debt ratio is above average.

How much easier? Consider a qualified borrower making $70,000 a year.

As of today, that person can get a variable-rate mortgage as high as $483,000 at some Lenders. At a bank, he or she would be capped out at roughly $413,000.

For the best mortgage rates in Barrie from Barrie’s Mortgage Broker call us today to get qualified for your new mortgage