Getting a Pre Approved Mortgage

Some tidbits about the Down Payment Assistance program from the budget announcement yesterday: - If you use it, the government will share in price gains or losses when you sell, though the government hasn’t released details on how much (seems like an important point to leave out) - You have to be a first-time homebuyer but the... definition of first-time buyer isn't stated so for now it isn't known if it will be the same as with its RRSP Home Buyers’ Plan, which allows repeat homebuyers to also be classified as first-time if they or their spouse haven’t occupied a home they owned in the prior four years - Your mortgage must be default insured and CMHC, Genworth or Canada Guaranty would give you: 5% of the purchase price if buying an existing home 10% of the purchase price if buying a newly constructed home - There are no monthly payments required on this incentive money but you do have to pay the money back when you sell your home - Your household income must be less than $120,000 'The insured mortgage plus incentive, combined, cannot be greater than four times the participants’ combined annual household incomes' which more or less caps the purchase price off at below $500K The budget says the program should be operational by September 2019

Some great Homebuyer programs here for first time buyers as well as repeat buyers. Important to note that you do not need to be a first time homebuyer to put 5% down, take advantage of the Purchase Plus Improvements program, Green Home, New to Canada or Self-Employed programs (the article is a bit misleading by listing all of these as incentives for first timers only). Purchase Plus Improvements is one of my personal favourites ~ buy that house on the perfect lot on the perfect street and make it YOUR perfect home! Happy to discuss these or any other mortgage related programs [email protected] or call/text 613-219-0414

"... actual rates banks offer to borrowers are not seeing an increase, but notes the Bank of Canada uses the posted rates at the big banks to calculate the rate... used in stress tests to determine whether homebuyers qualify for loans." Plain English ... the benchmark rate will likely be going up, which means borrowers will QUALIFY for LESS.. If you have an existing pre-approval or are planning to buy this year, you may qualify for less once this increase to the benchmark rate happens, if it does (likely will). Call, message or email me for more info and to find out how we can help you qualify for top dollar. [email protected] 613-219-0414