Breaking Down the Bank of Canada’s Changes Last Week
The Maximum Insured Mortgage Increases to $1,500,000.
-Buyers of properties between $1 million and $1.5 million can now use insured mortgage rules for minimum down payment.
-Down payment of 5% of the first $500,000 and 10% of any purchase amount above $500,000 up to $1.5 million.
-Buy a $1.5 million dollar home with $125,000 down.
-Depending upon property taxes, other debts, etc. a buyer must qualify using the stress test rules, and speculating on applicable rate, but need about a $330,000 annual income to be in the discussion. Less for a new home using a 30 year amortization. Wow
-Down payment of 5% of the first $500,000 and 10% of any purchase amount above $500,000 up to $1.5 million.
-Buy a $1.5 million dollar home with $125,000 down.
-Depending upon property taxes, other debts, etc. a buyer must qualify using the stress test rules, and speculating on applicable rate, but need about a $330,000 annual income to be in the discussion. Less for a new home using a 30 year amortization. Wow
The Maximum 30 year Amortization for First Time Buyers Changes
-FTHB’s can as of December 15, use a 30 year amortization on any purchase, new construction or existing property.
-A smaller payment and a bigger mortgage is the result.
Maximum 30 year Amortization for New Construction now available to all Insured Buyers
-As of December 15, all buyers can now get an insured mortgage for a new property with a 30 year amortization.
-This will lower the payment and increase the maximum mortgage amount.