Hoem Mortgages
19753 44B Ave V3A 5R6 Langley, BC, Canada

Time is running out if you want to avoid the new mortgage stress test. Changes come into effect on Jan 1, 2018. We can offer you a 120 day pre-approval that will allow you to make a home purchase in the next few months and avoid the stress test. The new stress test will affect people with over 20% down payment. As of Jan 1, everybody must qualify at a rate 2% higher than their contract rate. So if you have a rate of 3%, you now need to qualify at 5%. This reduces your purchas...ing power by 20% on average. Here is my example with a total home income of $100,000 based on a 25 year amortization, purchase of $500,000 and 20% down payment. Based on GDS/TDS ratio of 35%/42%. 3% - Max Qualification - $563,460 5% - Max Qualification - $458,930 Difference of $104,530. This stress test reduces your purchasing ability by 18.5%. Please contact me if you have any questions or would like to get pre-approved.

Merry Christmas Everyone! I want to wish you and your family all the happiness and joy of Christmas.