What You Should Know as a Home Buyer Related to the Changes in Canadian Mortgage Insurance
The changes to Canadian mortgage insurance has some implications for buyers in Calgary’s residential real estate market.
For anyone planning on putting less than 20 percent down of the purchase price on a home, that person must now qualify at a higher interest rate even though when they get the mortgage the payments will still be based on the lower interest rate offered by the lending institution.
For most buyers with less than 20 percent down, this is going to reduce their purchasing power by approximately 20 percent.
You can still put 5 or 10 or 15 percent down when buying a home in Calgary but your options may be a bit more limited.
Also, chances are if you can get a mortgage then it should not be an issue also getting mortgage insurance. This is taken into consideration by mortgage brokers when evaluating each application on an individual basis.
Discuss Your Options Today
There are several factors that can determine if you do or do not qualify for a mortgage, of which I would be happy to discuss with you. If need be, I also have built a strong network of professional connections in the real estate industry and would be happy to refer you to a renowned mortgage specialist.
Are you ready to discuss your home buying plans? Call me today and let’s get you started!
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