Sue Burnett, Centre Wellington, Fergus, Elora, Real Estate, MLS, Realtor, RE/MAX, Remax, Buying, Selling , Homes, For sale, Listings, Agents, Sales Representative, Top Agents,
OCTOBER 17th 2016 NEW LENDING RULES TAKE EFFECT.
All insured homebuyers ( with 20% or less downpayment ) must qualify for mortgage insurance at an interest rate higher than their contract mortgage rate or the bank of Canada's conventional five year fixed rate. This could drastically effect the amount of money you can now borrow.
Pre qualification is essential as you will commence looking for a home or investment knowing exactly what you can or cannot afford. Remember pre qualification only applies to you! Many banks may still want to qualify the actual home you purchase.
The calculator below will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying. Remember this is just a guide and does not replace the valued opinion of a mortgage expert who will look at your financials as a whole and advise you fully.
If you have any questions, please don't hesitate to contact me and I will refer you to an expert that will ensure you .