Looking for a place to call home? Read on, please!
New rules and regulations for mortgage borrowings are coming. Now more than ever you must be mortgage smart, well educated home buyers make better decisions.
Will be more rules for uninsured mortgage lenders too!
New: stress test for uninsured mortgages (those with a down payment of 20% or more).
The Office of the Superintendent of Financial Institutions unveiled its proposal that qualifying rate rise from 4.79% today to 5.25% starting June 1.
Your purchasing power of about 4% will be lost. In other words, your mortgage will be harder to get.
Most uninsured borrowers who are well-qualified shouldn’t have a problem meeting the new qualification criteria, but if you’re currently near the limit of your borrowing capacity, you’ll want to run the numbers with me to ensure you can still qualify.
New taxes are going to be for foreign owners!
Despite calls for the federal government to rein in house price growth, government budget announcement was absent of any significant measures aimed at cooling the housing market.
Rules, taxes start making home ownerships harder and harder!
Tightening of the insured stress test to bring it more in line with the proposed changed for the uninsured test will result less home will be sold, less applicant will qualify. This would apply to those obtaining a mortgage with a down payment of less than 20%.
Looking for a new mortgage? Do you have a renewal coming up or are you considering a refinance?
To learn more please visit and ask for a Free Consultation session wit a MortgagePRO LTD. Professional or call 403-253-2022