Invest with Shelly Blank
10 Royal Orchard Blvd Vaughan, ON, Canada

You are invited to our FREE Webinar next week! Hope to see you all there!!

Marking the parking lot at our Multi-unit property. Easy to do yourself and not expensive, it makes the place look well kept and makes it easier for the tenants to park without conflicts. Also, makes it easier for us to know exactly how many parking spots we have, which is important when you rent out parking spots for extra income

https://www.facebook.com/100009031369521/posts/2516487865328901/

Getting a Mortgage is going to get harder as of July 1st. Here is an update by the mortgage specialist Richard Tartaglia: Qualifying for a mortgage is about to get harder for anyone who doesn’t have at least a 20 per cent down payment for a home, which will have an outsized effect on first-time buyers. Canada Mortgage and Housing Corporation (CMHC) is tightening its rules to qualify for an insured mortgage.... At least one applicant’s credit scores will need to be 680, up from the previous minimum of 600. The more important change is that, to ensure borrowers can keep up with payments, maximum total debt service ratios will be lowered from 44 to 42. Gross debt service ratio drops from 39 to 35. These ratio reductions in conjunction with the stress test will mean that first time borrowers will qualify for substantial less CMHC is also suspending refinancing for multi-unit mortgage insurance, unless the money is being used for repairs or reinvestment in housing. These changes are effective July 1, 2020. COVID-19 has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians, said Evan Siddall, CMHC’s President and CEO, in a release. These actions will protect home buyers, reduce government and taxpayer risk and support the stability of housing markets while curtailing excessive demand and unsustainable house price growth. CMHC stopped short of raising the minimum down payment from 5 per cent to 10 per cent after saying it was appropriate 2 weeks ago during testimony to the House of Commons finance committee. CMHC also said home prices could fall between 9 per cent to 18 per cent in the next 12 months. Richard Tartaglia Mortgage Agent (416) 629-8896 [email protected] http://www.richardtartaglia.com/ https://www.facebook.com/rtartagliaTO/