Big Mortgage Changes are a Comin!

It's January 2011 and if you are a first time buyer, or even a seasoned property investor, you may want to get moving as some big changes have been announced recently about mortgages that will start to come into effect from March 2011. Here are some of the highlights:

• No more 35 year Amortization periods. Maximum will be 30 years for mortgages over 80%
• Maximum of 85% loan to value ratio on refinancing
• You will need to qualify for a five year fixed term, regardless of what variable rate you opt for
• Minimum down payment for a rental investment will change from 5% to 20%

So there you have it. If you are out there sitting on the sidelines waiting and wondering what to do; if you have the money, now would be a great time to "get on with it!". 

The available inventory is almost half of what it was in the summer of 2010 and with a hot Spring market already on its way, it's a great time to get in and buy your place for a good price in favourable conditions. 

Give me a call and lets get the show on the road!

Cheers

Gerry