Remax Brampton
295 Queen St E Brampton, ON, Canada

Hot New Heart Lake Listing Hitting the Market Tomorrow. Detached on cul-de-sac. Cute and cozy , listing at $699,000

Beautiful condo townhome 3bdrm, 2 wshrm, finished basement, private fenced in backyard. Available for safe viewing 416-276-8473 Listed at $534,000

New CMHC Mortgage rules coming into effect July 1st Canada Mortgage and Housing Corporation (CMHC) announced it's tightening the rules for homebuyers looking ...for insured mortgages. Change 1: Less debt as a percentage of gross income Old rule: Buyers with good credit scores and reliable income could spend up to 39% of their gross income on housing (including their mortgage, property tax, heating bill and half of condo fees); and could borrow up to 44% of gross income once credit card, car payments and other loans are included. New rule: All buyers will be limited to spending up to 35% of their gross income on housing, and can only borrow up to 42% of gross income once other loans are included. Change 2: New minimum credit score established Old rule: Under the old rules, in order to qualify for an insured mortgage at least one borrower (or their guarantor) needed a minimum credit score of 600, which is only fair credit according to standard guidelines. New rule: The new rules raise the minimum to 680meaning buyers will need a good credit score. Change 3: No more borrowed down payments Old rule: In order to make up the minimum down payment, a homebuyer could use unsecured personal loans, unsecured lines of credit and even credit cards. The minimum downpayment is 5% for houses valued up to $500,000, and 10% of the amount over $500,000, up to $1 million. New rule: Borrowers must provide the down payment from their own resources, CMHC says. These can include savings; equity from the sale of a property; a non-repayable financial gift from a relative; funds borrowed from other, liquid financial assets or against other real property; or a government grant. The mortgage stress test will remain unchanged. The stress test requires lenders to confirm that a borrower can still make their monthly mortgage payment even if interest rates rise. See more

Today I am celebrating my 12th year with Remax, at home. These year after year awards are a result of my delivering the level of my clients need and deserve. #stayathome #topproducer #anniversary #realestateagent #awards #homebuying #homeselling #gratitude