I just got an update re. to the “Stress Test” that I posted several days ago from my RBC mortgage broker.
Please see the comment below.
I have obtained the confirmation from the management that this “Stress Test” WILL NOT affect anyone that has a firm-approval confirmation from RBC. This is absolutely crucial since a lot of your clients or friends may have purchased pre-sale units that complete after January 1st, 2018. If they got firm-approved by RBC by December 31st, 2017, they are GUARANTEED with the funding upon closing!!
So please kindly distribute this to anyone you know who may have bought a pre-sale but not yet being firm-approved by RBC. We are the only bank that can guarantee the funding without re-assessing clients’ income, savings, credit records, or even property value prior to closing once we firm-approve the clients!
For more information please contact Kevin Young at 604-723-5558
Thank you very much and have a great Day.