By Vera Brotzky
An Urgent Notice
If you are planning to renew your mortgage early, take some equity out, refinance the home, or buy a new one - The new mortgage regulations impact you greatly!
- Clients with less than 20% down payment will be approved for a smaller mortgage. For instance: Under today's rules household with $100,000 annual income having 10% down payment will qualify for a purchase of $700,000 home. After October 17, maximum purchase they will qualify for will be $555,000.
- Effective immediately, Trust companies that have offered our clients best rates (2.19% for 5 years for instance) will increase their rate for refinances and cut the amortization from 30 or 35 years to 25 years.
- Other 30 years amortization products with Trust companies, will be more expensive.
- with some institutions, Self Employed and stated income mortgage rates are increasing this morning
- Over all it means: higher priced mortgages and less to chose from.
Call me for more details or to discuss your situation.
For some of you, we have a 12-day window to make sure you get exactly what they need.