Thursday, October 27, 2016
Ever changing Mortgage Market in Canada
We have all experienced changes in the mortgage rules over the past years:
Most Recent: The Federal Government has increased the qualifying rate as of October 17th, 2016 to the Bank of Canada's Benchmark rate. new-federal-mortgage-rules-come-into-effect-today/
In the past (just to name a few):
1. reduced amortization periods
2. increased down payments for the $500 000.00 plus home price
3. changes to how borrowers could qualify based on verifiable income
4. Required 3% of any revolving debt balances be used to determine affordability
5. non owner occupied homes don;t qualify for gov't backed insurance
6. to refinance a home you must have a minimum of 20% equity
and so on..........
What does this mean:
The government has changed mortgage requirements several times over the last few years which affects how borrowers qualify for government-backed insured mortgages. As a mortgage broker in Alberta, I have had the opportunity to work with borrowers through all of these mortgage changes and after the initial shock wears off, it is back to business as usual. I am here to represent you and find a way to qualify you for a home now or educate you and form a plan so you can qualify in the near future - the most important factor - you must start the process now, so you can prepare yourself for the exciting journey of home ownership. Take initiative today to stop paying your landlords mortgage for him and work towards paying for you own home!
I am always happy to help anyone navigate the most recent mortgage rule changes, or any mortgage questions for that matter. The reason I specialize in mortgages is so I can best represent my client and be the knowledgeable, informed mortgage representative you need!
I am here to help you, free of charge! Contact Amy Wilson today.