As you might be aware there have been major changes in the way you will be able to borrow money and finance your home purchase. These changes are meant to cool down the housing market particularly in major markets but the changes affect everyone across Canada.

1. The amortization period has been reduced to 25 years from the current 30 years and the lending guidelines used to determine how much you can qualify for have also changed. This could increase your mortgage payment by as much as 15% but could be offset by the increased lending ratios for those with excellent credit. 
2. The amount you can borrow against your home to refinance other debts has now been reduced to 80% of the value of your home down from 85%. This would mean that in order to refinance your debts you may have to resort to using a 2^nd mortgage which is usually at much higher interest rates.
3. Properties purchased at over $1 million are no longer eligible for mortgage insurance.

There are even more changes that will take effect on July 9^th which means we only have a couple of weeks to act on the existing regulations. As your Mortgage Professional I will work with you and exactly determine how these changes impact you and your family. 

Call or email me today!