When you’re a first-time homebuyer, you’re more at risk of making extremely costly mistakes
As industry experts, we’ve seen everything – we know what works and what doesn’t – and we know where homebuyers get burned the most often. We want to ensure that you’re as prepared as possible.
In our free report called “6 Things You Must Know Before You Buy,” we delve into the most common mistakes homebuyers make and how to avoid them. It’s crucial to avoid mistakes like this and other common errors to make your home buying experience as successful and stress-free as possible.
First-Home Buyers & Seasoned Buyers
How you structure your mortgage – down to the most minor details – can either cost you or save you thousands of dollars.
There are new changes to high-ratio mortgages insured by the Canada Mortgage and Housing Corporation (CMHC). When you make a down payment of less than 20% of the purchase price of your home, this is considered a high-ratio mortgage.
Changes to these mortgages include:
You will only be able to spend a maximum of 35% (down from 39%) of your gross income on housing and no more than 42% (down from 44%) of your income if you have other loans as well.
If you’re purchasing the home with someone else, at least one of you must have a minimum credit score of 680.
They must use their own money. This means you cannot use a personal loan, credit card, or unsecured line of credit to pay for your down payment.
However, mortgages more significant than $1 million aren’t eligible for default insurance.
As you can see, changes to mortgage regulations can significantly impact your ability to buy a home. When you’re uninformed about these changes, you may get blind-sided or face obstacles during your home buying process.
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