April sure has been a very busy month!
We have seen a substantial increase in the amount of purchases and increased insurance premiums were announced for when you have less than a 10% down payment.
This raises the question: with all of the news about unaffordability, how can I or my loved ones possibly buy a home?
We are here to help you gain clarity, not speculation or “averages”, on what is actually applicable to you.
I have included 3 points of reference that you may find helpful:
1. Earlier this month I conducted a 7 minute interview on a local radio station 98.7 FM in addition to the regular Mortgage Show on CKNW to break down what it takes to own a home. Listen here: https://www.youtube.com/watch?v=9U901l3sON4&feature=em-upload_owner
2. Hear it from a recent client named Rob that we helped. Llisten/watch here: https://www.youtube.com/watch?v=0WsCxtgIWzY
3. The mortgage insurers also increased premiums for lower down payment borrowers. Nothing of significant impact but still a notable $6/month for a 250k mortgage. The other insurers have followed suit. Read more here: http://www.cmhc.ca/en/corp/nero/nere/2015/2015-04-02-1605.cfm
The premiums are still lower today than they were just a decade ago when there was only one option for mortgage insurance (CMHC).
Part of living in any home is adjusting your budget accordingly to potential increased future expenses. We can help you consider these changes when putting together a custom mortgage plan for you.
We are here to help you and those you care most about to gain the clarity required in having the best mortgage plan – contact us to help personally at 604-802-3983 or firstname.lastname@example.org
Angela Calla, AMP
Dominion Lending Centres