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Thinking of Buying/Moving/Refinancing -Do it before July 9.

Friday, March 9, 2018   /   by Ruth Ballantyne

Thinking of Buying/Moving/Refinancing -Do it before July 9.

If you have been considering buying a new home, moving up to a new home or refinancing your current home it would be a wise move to do it now. Just a quick reminder that the Goverment has tightened the Rules for Mortgages. These changes will take affect on July 9th. If you want to ensure you can buy the most for your money or get the most money out of your home to pay outside, Higher interest debt - Call me Now!

Here are the Four Rule Changes:
Reducing the maximum amortization period to 25 years from 30 years
Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85%
Limiting the availability of government-backed mortgages to homes with a purchase price of less than $1 million
Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44%
Ballantyne Professionals | RE/MAX Realty Services Inc.
Ruth Ballantyne
295 Queen Street E
Brampton, ON L6W 3R1
905-456-1000

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2021 Last Updated June 23, 2021
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