All the best,
|Terms||Posted Rates||Best Rates|
|Rates are subject to change without notice. *OAC E&OE|
Prime Rate is 2.25%.*
*Prime rate may vary according to lender. Be sure to check with your mortgage professional for full variable-rate mortgage pricing details.
Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your mortgage professional for full details.
Mortgage Market Changes
Effective in April – make sure you’re in the know
Home buyers and real estate investors need to keep up with some upcoming changes to mortgage rules that could affect their purchase, if they are applying for a mortgage with a down payment of less than 20% of the value of the property.
Qualifying for a Mortgage
Borrowers applying for a variable-rate mortgage or a fixed-rate mortgage with a term of less than 5 years must qualify based on the Bank of Canada’s five-year fixed posted mortgage rate.
A minimum down payment of 20% will be needed for government-backed mortgage insurance on non-owner-occupied properties such as rental properties. There are also changes in how much of rental income can be used when qualifying for financing.
Make sure you contact your mortgage professional about how to show proof of income to lenders, and access mortgage products tailored for your needs.
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
8 Website : Mississauga4Sale.com
- Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
- On-Line Real Estate Newsletter sign up
- See seasonal housing patterns