Santa Time!
  
I always like watching my kids peeping into Santa's house to see if he is there. As usual he is!
I Am The Captain Now!
During our boat tour in Maui, Sarah took the captain's chair and truly embraced the adventure. On the return trip, the winds picked up to gale force, and all the guests had to move inside—except Sarah. She stayed with the captain, demonstrating that she is the captain now!
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 15th, 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 15th, 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.
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