New Mortgage Regulations – HURRY UP and get your pre-approval now.
The economy is getting better, so of course we will have to face that some incentives we were enjoying so far will be faced out.
Coming April 19th new qualification regulations for mortgages will be taking effect.
At present to qualify for a mortgage you have to qualify for the actual rate you will be receiving from your lender, which can be as low as 1.95%. In future the regulations will be that you have to qualify for a mortgage at the 5 year fixed rate, which presently can be as high as 6%. So this means for the home buyer, that mortgages will be much more difficult to obtain and the actual mortgage amount will be substantially lower.
If you are thinking of buying a property it certainly is to your advantage to start the process now, so that you still qualify for the old regulations.
As well for home sellers, this means that you better list your property very soon, the market is hot and there will be a high demand before these regulations take effect.
By the way, I am always just a phone call (519) 579-4110 or an e-mail (thilo@thiloyourrealtor.com) away for any of your real estate needs or questions.
Best regards,
Thilo Biedermann, B.Sc.
Sales Representative
RE/MAX Twin City Realty Inc.
Office: 519-579-4110
E-Mail: thilo@thiloyourreator.com
Please call me to find out more about the Land Transfer Tax Credit.
CLIENT SATISFACTION IS # 1
By the way, I am never too busy for any of your referrals.
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