Ch Ch Changes

Things change, people change, but today I will talk about how the Mortgage rules changed...

As you may or may not know, mortgage qualifying rules have changed recently.  

Like the weird Greek guy in my elevator,  some people are confused about the changes.  

In my constant effort to make things easy so I can understand them, I will break them down...

1.  The new maximum amortization for a purchase if you have less than 20% down payment is 25 years.  If you have 20% or more for a down payment you can still get the 30year amortization .

2.  If you own a place and looking to refinance your property, you can only use 80% of the value of your property.   Under the old rules, you could go up to 85%.

3.  If you are purchasing a property over $1 million dollars, you will need 20% down payment.

4.  If you are looking for a Homeowner Line of Credit, you can only go up to 65% of the value of the property.

That was easy!  And as always, if you have any questions, please feel free to email me at Andrew.young@bemortgagewise.ca.

If you know of anyone who would find this information useful, I would appreciate an introduction.

Thank you once again, and remember...

Andrew Young gets it done!