This week, the Bank of Canada lowered its Bank of Canada Posted Interest Rate from 5.99% to 5.89%. This move can be interpreted as a signal of the Bank's lowering its forecast for rate hikes in the coming months or even years.
For more information regarding mortgages, mortgage interest rates or to get pre-qualified, call one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222 or Apply Online.
Showing posts with label changes to mortgages. Show all posts
Showing posts with label changes to mortgages. Show all posts
Tuesday, July 6, 2010
Monday, April 19, 2010
Federal Government Imposed Changes for Mortgage Qualification Take Effect
As of today, April 19th, 2010, the following changes have officially come into play in connection with the announcement made by the Federal Government earlier this year:
1. Home owners will only be able to refinance their homes up to 90% of its value. As recently as last week, homeowners were able to refinance up to 95%, but now will only be able to take out up to 90% of the equity from their homes.
2. For any mortgage term shorter than 5 years, and for variable rate mortgages, consumers will need to qualify at the greater of new Bank of Canada Posted Mortgage Interest rate or the Contract Interest Rate. Last week, for terms shorter than 5 years, borrowers were able to qualify at the Contract Rate. This change makes a tremendous difference to buyers who were on the bubble.
3. Those looking to purchase rental/investment properties will now need to put a minimum of 20% down on the purchase of rental/investment properties.
For more information about how these changes would/could effect you, call one of the qualified mortgage professionals at Alberta Mortgage @ 780-479-2222, or visit www.albertamortgagecentre.com.
1. Home owners will only be able to refinance their homes up to 90% of its value. As recently as last week, homeowners were able to refinance up to 95%, but now will only be able to take out up to 90% of the equity from their homes.
2. For any mortgage term shorter than 5 years, and for variable rate mortgages, consumers will need to qualify at the greater of new Bank of Canada Posted Mortgage Interest rate or the Contract Interest Rate. Last week, for terms shorter than 5 years, borrowers were able to qualify at the Contract Rate. This change makes a tremendous difference to buyers who were on the bubble.
3. Those looking to purchase rental/investment properties will now need to put a minimum of 20% down on the purchase of rental/investment properties.
For more information about how these changes would/could effect you, call one of the qualified mortgage professionals at Alberta Mortgage @ 780-479-2222, or visit www.albertamortgagecentre.com.
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