Michael Thorne - PREC, Jorda Maisey - PREC, Trisha Bongers
RE/MAX Little Oak Realty
21538 84B Ave langley, Langley, British Columbia
P: 1-866-668-5116
F: 1-866-303-6764
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RE/MAX Little Oak Realty
21538 84B Ave langley, Langley, British Columbia
P: 1-866-668-5116
F: 1-866-303-6764
Wednesday, February 17, 2010 - Standards have changed when qualifying for a mortgage.
Standards have changed when qualifying for a mortgage.
The housing market is strong and steady but the government is taking measures to ensure that new home owners are in a good financial position when qualifying for a mortgage. Ultimately, the government announced three changes made to the standard of Government backed mortgages.
The first change is whether you are looking to qualify for a variable mortgage, short or long term mortgage; one must be able to qualify for a five year fixed rate. The reasoning for this is so that when interests rate fluctuate in a variable rate people can be prepared and able to handle that increase in fees.
Secondly, if someone is looking to refinance their mortgage they can currently do so up to 95% of what they owe. This is now at a rate of 90% of the total property with the idea that owning a home is an investment making sure that home owners still potentially have equity in their home if their home in changing markets.
Last, when purchasing investment property that is not owner occupied, purchasers will now have to have a minimum 20% as their down payment; currently 5%. When purchasing a multi unit complex that has units to be rented out but will be owner occupied in one of the units will still only require a minimum of 5% down for a government backed mortgage.
These are not substantial but enough to ensure a stable market. The above changes will be taking affect as of April 19th, 2010.
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