Some of you may have heard the recent changes to our mortgage rules. The changes will take effect within 60 days of the announcement and they are as follows:
1) Maximum mortgage amortization will go from 35 years down to 30 years. (the difference works out to an extra $30 more per month for every $100,000 borrowed)
2) The maximum you can refinance will go down from 90% to 85% of the value of the home
3) CMHC will no longer support Home Equity Lines of Credit (if a client wants a line of credit to purchase, they must have 20% for down payment)
Note: If you are a first time home buyer and seriously thinking of getting into home ownership, now is the time to do so! Mortgage pre-qualification will never gonna get any easier!
If you have any questions about these changes please contact me. I’m always willing to help!