New Rules Recap
As you may already know, we have some great new rules coming into effect on December 15th.
Want a quick recap? Here you go:
30yr amortizations:
- All buyers of newly built properties can have a 30yr amortization on an insured mortgage
- First time home buyers can take advantage of a 30yr amortization on an insured mortgage
- Only one applicant on the file needs to be a FTHB to qualify for a 30yr amortization
- What defines a FTHB? Read more here:
https://www.sagen.ca/wp-content/uploads/2024/06/Sagen-Lender-Update-30-Year-Amortizations-Update-BDL-1.pdf or here: LENDER-UPDATE-Mortgage-Insurance-Rule-Changes_Effective-Dec.-15-2024-Sept-30-2024_En.pdf
Purchase price increase:
- The purchase price of an insured purchase goes up to $1.5M
- Downpayment: Remains 5% of the first $500K and 10% of the balance
Have more questions? Reach out to us directly at callateam@countoncalla.ca or 604-802-3983.
Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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