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Big Mortgage Rule Change is Expected Soon! | Mortgage For Less Corp.

Big Mortgage Rule Change is Expected Soon!

Posted on October 5/2017 by

WARNING: Regulators are indicating the new Mortgage regulations are to be announced by the end of October and be in full force by January 2018. Currently, this rule is in place for High Ratio Mortgages (Less than 20% Downpayment). However, this new rule will be introduced to Conventional Mortgages (More than 20% Downpayment). This means that EVERY MORTGAGE will be affected. The bottom line is this change will reduce the size of the Mortgage a person can qualify for by 20%! For example: QUALIFY FOR NOW vs NEW RULE COMING INTO AFFECT $850,000 NEW $680,000 $600,000 NEW $480,000 $350,000 NEW $280,000 Here are some facts: The average September home price in the GTA was for $775,546 The median asking price in Milton is $647,250 The residential average sale price in Niagara Falls is $391,065 As you can see, the GTA will not be feasible for many. The regulators are trying to slow down the frothy real estate markets in the GTA and other hotspots in Canada. My suggestion is if you're planning to get a new mortgage this year is that you contact me immediately before these new rule changes come into affect.

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