CMHC hiking mortgage insurance premiums: Video @AM640 @RoyCocciollo
Watch this video with Roy Cocciollo @AM640 to learn more about CMHC hiking mortgage insurance premiums starting March 17.
With the new mortgage stress tests introduced by Ottawa in October, “We’ve had a couple of deals fall apart because the buyers thought they were qualified for a certain amount of money, but they didn’t qualify for as much as they thought they had.”, Roy Cocciollo, Broker/Owner, YourMortgageYourWay.ca
“If somebody qualified for $1M they’re only qualifying for $850,000* under the new rules.”
Even with the help of government measures such as the doubling of the provincial land transfer tax rebate for first-time buyers, it’s a tough entry-level market.
For first time home buyers looking for their Dream Home this Spring 2017, it’s important to be aware of a potential increase in interest rates and the more stringent mortgage rules. It can be scary for first time home buyers and that’s why it’s important to find a mortgage that you can live with.
If you have any other questions, give us a call and we’ll walk you through the mortgage process or visit https://yourmortgageyourway.ca/get-pre-approved/
Remember to listen to Mortgage Talk with YourMortgageYourWay.ca
Every month we answer your questions whether you are a first time homebuyer, upgrading, downsizing, investing or just researching. Our goal is to educate, provide tips, keep you up to date on mortgage news and relevant information to save you money. Hosts will include Roy Cocciollo, Terrilyn Moore, Farrah Haider, Steve Dostal, Michael Sauter.
Get answers to your questions – fill out our form online today.
You can also watch previous shows on demand: https://yourmortgageyourway.ca/mortgage-talk/