#mortgagerules

Stricter mortgage stress test kicks in today, June 01 2021 #mortgagerules #buyers #financialhealthcheck (at Toronto, Ontario) https://www.instagram.com/p/CPk2laKBeWd/?utm_medium=tumblr

🚨 In order to protect future home buyers and reduce risk, CMHC is changing its underwriting policies for insured mortgages 🚨 . Effective July 1, the following changes will apply for new applications for homeowner mortgage insurance: ⚠️ Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to standard requirements of 35/42 (previously 39/44) ⚠️ A minimum credit score of 680 for at least one borrower (previously 600) ⚠️ Non-traditional sources of down payment that increase debt will no longer be treated as equity (down payments can not be borrowed) . 😱 What does this mean for you as a buyer? This may impact your ability to acquire a mortgage and own property after July 1st. In order for it to not effect you, an Agreement of Purchase & Sale must be in place prior to this date. If you are worried about your ability to own, please reach out to myself 🙋 and your mortgage professional ASAP and we can discuss your options📞 👥 . 🏘️ What does this mean for you as a seller? If you are in need of or were planning to sell your home this year, the next 3 weeks will be crucial: we are likely to see a surge in buyers, which typically results in higher competition that drives sale prices up 📈 . As you can see, it is beneficial to be both a buyer AND/OR a seller in the next few weeks. Contact me today if you feel these changes will effect you, and our entire team @affinityrealestate will take care of you throughout the entire process! 💪💪💪 . . . #cmhc #mortgagerules #mortgageinsurance #kwawesome #waterlooregion #marcisoldit #realestaterealgrowth #referralswelcomed #realtor #realtorca #canadianrealestate #buyingahome #homesellers #househunters #investmentproperty #listingagent #realestate #realestateexpert #realestateinvestors #realestatelife #realestatenews #realty #homebuying #listing #realestategoals #realestateexperts #affinityrealestate #kitchener #waterloo #cambridge (at Kitchener, Ontario) https://www.instagram.com/p/CBEFnJ0g6yj/?igshid=1t8cs6exeuuy4

Do You Know About The New Mortgage Rules? The new rules are basically a stress test for all insured mortgage applications. What this means is that a test is done to see if a borrower is qualified to pay back a loan if the rate is higher. Borrowers are judged against the five-year standard rate of 4.64 % for a five-year loan. This also only applies to a mortgage for a buyer who is putting down less than 20 % upfront. Need help understanding this? Call Mike Bolger at (519) 616-2656. http://bit.ly/2a5w1mm