The Vibrant Hues of Autumn
  
Summer is come and gone. And soon we will have the Winter's chill. But for now, we have Autumn adorned in vibrant shades of gold and red.
This weekend was spent in Leavenworth, Washington. A Bavarian-styled village that is nestled by the Cascade Mountains. The quaint village is full of restaurants serving German beer and food line Front Street. But on the outskirts are beautiful scenic views where Autumn colours are ablaze.
New Mortgage Rules
There are a few BIG changes coming to the mortgage market and, for a change, they are actually good news!
No More Stress Test For Transferring A Mortgage To A New Lender
Effective December 15, 2024, current mortgage holders will no longer need to qualify using the Stress Test if they wish to transfer their mortgage to a new lender. Borrowers will still need to income qualify to move their mortgage, and maintain their current balance and amortization. Qualifying will be based on the contract rate rather than the Stress Test.
Increasing the cap for insured mortgages to $1.5 million
Effective December 15, 2024, applicants requiring an insured mortgage can purchase a home up to $1.5 million, which is up from $1 million. This applies to those purchasing a home with less than 20%. The down payment requirement is 5% of the first $500,000 of the purchase price and 10% of the remainder of the price up to $1.5 million.
30 Year Amortizations for First Time Home Buyers and New Construction Properties
First time home buyers who have less than 20% down payment and therefore require an insured mortgage, will now be eligible to get an amortization up to 30 years. Also, all buyers of new construction properties who require an insured mortgage can also request a 30 year amortization.
New Federal Program for Home Owners Adding a Rental Suite
Starting in January 2025, home owners wishing to use their home equity to create up to three suites in their home will be permitted to refinance their mortgage up to 90% of their property's improved value up to $2 million. The home owner must already live in the home and be creating a separate suite(s). This program is for the creation of self-contained suites, such as basement suites or laneway homes. Short term rentals are not permitted. Insured mortgages with 30 year amortizations will be permitted under this program.
Let's Work Together
For those who have worked with me with their mortgage, they know that I fully customize their application taking into account their needs and goals. There's never simple "sign here, sign there" scenario where my clients don't know what exactly it is they are signing.
I always take time to listen and discuss with my clients so they are with me every step of the way in their mortgage application. I review and give options to the clients so that the mortgage they are getting is the best one available to suit their requirements.
It all starts with reaching out to me so we can set up a call. So pick up the phone and call me at 604 783 9097.
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