New Home Buyers Guidelines

The new announcement of the Home Buyers mortgage financing is great news for Home Owners and will help stabilize the market place here north of the border. The increase in down payment only applies to investors looking to purchase a multi-residential property, as well as any homeowner currently refinancing will now be limited to a loan of 90% of the Homes appraised value, therefore keeping at least 10% equity as a nest egg.

Any new homeowner will be required to qualify with a 5 year fixed rate, regardless if a variable rate or short term rate is less, with a limit to 32% of their families gross annual income to service the mortgage payment, heat and taxes. Please feel free to call me for financing assistance as we have wholesale mortgage money available because of our large mortgage volumes.

Tom Tsambourlianos

Tom Tsambourlianos

Sales Representative
CENTURY 21 Heritage Group Ltd., Brokerage*
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