New Mortgage Rules Confusing to Some Buyers
It seems the some potential homebuyers are confused about the new mortgage rules coming into effect on April 19. The most important thing to understand is that the rules only apply to buyers who need government-backed mortgage insurance. Specifically, this means that buyers who put down less than 20 per cent down payment on their property – regardless of whether or not they are a first time buyer or not – are the ones who are going to be affected.
According to Canadian Mortgage Trends, while changes have been made to the mortgage lending rules, he feels that the changes weren’t communicated particularly well.
If you have any questions or concerns about your own situation and what you can afford, now is the time to talk to a professional mortgage broker.
