New Mortgage Rules for 2016

The new down payment rules that everyone should know - coming into effect February 2016!

The Finance Minister has announced New Mortgage Rules for Home Purchases over $500,000.

Lenders will require a 10% DP, but "only for the amount above the $500,000 level."

Thus a $700,000 purchase would require $500,00 X 5%, plus $200,000 X 10% = $45,000.

The new rules will take place Feb, 15, 2016. A much "softer" approach than what some thought could occur.

Check out the video below to see how this might affect you:

https://www.facebook.com/randy.johnson.54943600/videos/1250723918288114/

 

 

Ashley Johnston

Ashley Johnston

Sales Representative
CENTURY 21 Heritage Group Ltd., Brokerage*
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