By now you should have already heard the news that more changes to your ability to get a mortgage are arriving soon. The question is, how does that affect YOU?
Who is affected?
· Existing homeowners who are looking to access some of the equity in their home;
· All homebuyers regardless of how much down payment they have
What is it about?
The new rules will reduce the maximum mortgage that you may be able to borrow by 20%.
January 1, 2018.
Should we be worried?
It is very unlikely that the changes will affect real estate prices. The concern is once again, that qualifying for a mortgage will be more challenging than before.
If you want to use some of your existing equity to pay off some debts, to do renovations to your home or to invest, the time is NOW!
Do not wait as some lenders may be implementing these new rules early.