Calgarypuck Forums - The Unofficial Calgary Flames Fan Community
Old 12-11-2015, 08:02 AM   #1
Mortgage Made Easy
Scoring Winger
 
Mortgage Made Easy's Avatar
 
Join Date: Sep 2014
Location: Calgary, AB
Exp:
Default Breaking News - Mortgage Down Payment Change

Breaking News - Finance Minister Bill Morneau announced the plans to increase down payment effective Feb 2016.

http://bit.ly/1OW633a
__________________
Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect
www.TimLacroix.com

If you have any questions please feel free to PM me or email forums@timlacroix.com

Click here to View current Mortgage Rates

Mortgage Made Easy is offline   Reply With Quote
Old 12-11-2015, 08:49 AM   #2
Mortgage Made Easy
Scoring Winger
 
Mortgage Made Easy's Avatar
 
Join Date: Sep 2014
Location: Calgary, AB
Exp:
Default

Just a little clarity on the change. The down payment change is:

5% up to $500,000 purchase
10% of the amount over $500,000 up to $1M

Example: $750,000 purchase will require a down payment of $25,000 on the $500k and $25,000 on the balance of $250k.
__________________
Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect
www.TimLacroix.com

If you have any questions please feel free to PM me or email forums@timlacroix.com

Click here to View current Mortgage Rates

Mortgage Made Easy is offline   Reply With Quote
Old 02-08-2016, 08:45 AM   #3
Mortgage Made Easy
Scoring Winger
 
Mortgage Made Easy's Avatar
 
Join Date: Sep 2014
Location: Calgary, AB
Exp:
Default

Reminder - New Down Payment Rules Effect Feb 15, 2016

Click to find out more about Will Higher Down Payments Affect Your Home Purchase?
__________________
Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect
www.TimLacroix.com

If you have any questions please feel free to PM me or email forums@timlacroix.com

Click here to View current Mortgage Rates

Mortgage Made Easy is offline   Reply With Quote
Old 02-08-2016, 10:17 AM   #4
pseudoreality
Powerplay Quarterback
 
pseudoreality's Avatar
 
Join Date: Jul 2012
Exp:
Default

I'll be listing my house in the sub 500 range this spring. I wonder if this change will have any physiological affect on that market? I know it's a stepped system, so there's little difference between 500 and say 520, but it is still in people's head.
pseudoreality is offline   Reply With Quote
The Following User Says Thank You to pseudoreality For This Useful Post:
Old 02-08-2016, 11:01 AM   #5
Mortgage Made Easy
Scoring Winger
 
Mortgage Made Easy's Avatar
 
Join Date: Sep 2014
Location: Calgary, AB
Exp:
Default

Quote:
Originally Posted by pseudoreality View Post
I'll be listing my house in the sub 500 range this spring. I wonder if this change will have any physiological affect on that market? I know it's a stepped system, so there's little difference between 500 and say 520, but it is still in people's head.
Very little difference between the 2 prices and I doubt this will affect majority of home buyers.

The down payment minimum for the $520,000 purchase is an extra $1,000 more after Feb 15, 2016 ($27,000 instead of previously being $26,000).
__________________
Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect
www.TimLacroix.com

If you have any questions please feel free to PM me or email forums@timlacroix.com

Click here to View current Mortgage Rates

Mortgage Made Easy is offline   Reply With Quote
Old 02-21-2016, 05:20 PM   #6
Mortgage Made Easy
Scoring Winger
 
Mortgage Made Easy's Avatar
 
Join Date: Sep 2014
Location: Calgary, AB
Exp:
Default

We are getting lots of questions about the down payment rule change. Many people are thinking that they now need 10% for any purchases over $500,000.

The minimum down payment is 5% of the $500,000 and 10% of the balance over $500,000.

To view a table on down payment and read more, please see our article Will Higher Down Payments Affect Your Home Purchase?
__________________
Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect
www.TimLacroix.com

If you have any questions please feel free to PM me or email forums@timlacroix.com

Click here to View current Mortgage Rates

Mortgage Made Easy is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 03:57 PM.

Calgary Flames
2023-24




Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright Calgarypuck 2021