Posted in BC Mortgages, Canadian Housing Market - Lisa Alentejano, Canadian Mortgage News, Hombuyers Downpayment, Interior home mortgage, Interior Mortgages, Kamloops Mortgage Broker, kamloops mortgage financing, Mortgage Affordability, Mortgage by Lisa Alentejano

Mortgage Market Changes – Effective April 2010

Mortgage Market Changes

Effective in April – make sure you’re in the know

Home buyers and real estate investors need to keep up with some upcoming changes to mortgage rules that could affect their purchase, if they are applying for a mortgage with a down payment of less than 20% of the value of the property.

Qualifying for a Mortgage

Borrowers applying for a variable-rate mortgage or a fixed-rate mortgage with a term of less than 5 years must qualify based on the Bank of Canada’s five-year fixed posted mortgage rate.

Rental Properties

A minimum down payment of 20% will be needed for government-backed mortgage insurance on non-owner-occupied properties such as rental properties.  There are also changes in how much of rental income can be used when qualifying for financing.

Self Employed?

Make sure you contact me about how to show proof of income to lenders, and access mortgage products tailored for your needs.

Call Me

for the Information You Need to Know

For full details on the changes, and personalized advice on the mortgage that fits your needs, contact me for a free, no-obligation consultation.

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Finance/mortgage industry professional located in the Interior BC First Time Buyer Challenged Credit Second Mortgages Line of Credit Refinance Renewal Lets talk about your financing needs today! Great rates and Great Service!

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