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Old 01-19-2011, 05:43 PM   #1
Travis Munroe
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Join Date: Feb 2009
Location: Calgary
Default No More 35 Year Mortgage

I do know there is a similar thread in the off topic section but wanted to shed some of my insight within the specific real estate section!

More information can be found in Mike Oxlong's thread. He is a respected mortgage broker on the board and is sure to know 10x more about this than I.

- Max amortization has went from 35 years to 30 years.
This will primarily impact first time home buyers. Income will need to be between 5-10k higher on a yearly basis to qualify for the same value home on a 30 year mortgage.

While this will make things tougher on people I believe it will be very beneficial for us in the years to come. The required down payment is still 5% which is a very affordable amount.

- The total debt service ratio did not change in how condo fee's are calculated!.

These changes are set to take place Mid March which still allows youly 60 days to get into that 35 year mortgage if you feel it is beneficial to you. If a mortgage broker on the board can shed some light on the following it would be appreciated.

- If a client is pre qualified as of February 1st on a 35 year mortgage will they still have that offered to them for the duration of the lock in period which would extend past the Bank of Canada's changes?

Last edited by Travis Munroe; 01-19-2011 at 05:49 PM.
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