First Time Home Buyers:
The federal government is making it easier for Canadians to enter the housing market. Starting December 15th, 2024, the maximum purchase price for insured mortgages will increase to $1.5 million, and first-time homebuyers can now finance their homes over 30 years. This change could make it easier for Canadians to afford their dream homes.
Insured Mortgages Stress Test News:
Mortgage brokers were previously required to stress test or, in other words, re-qualify clients for their mortgage when switching them to a different lender at renewal. As of November 21, 2024, the stress test requirement on straight switches for insured mortgages has officially been lifted.
This means it’s easier to switch lenders without the usual stress tests. It could open doors to better mortgage options, especially if your renewal is coming up in the next two years.
To take advantage of this, consider working with a mortgage broker. They can help you explore a wide range of lenders and products, securing the best rates and terms to fit your specific needs. By planning early, you can make informed decisions and potentially save significant money on your mortgage.
Getting the Help You Need:
With interest rates fluctuating, navigating the mortgage landscape can be tricky. Whether you're a first-time buyer or a seasoned investor, I'm happy to connect you with a trusted mortgage professional who can answer your questions and guide you toward the best financing options.
Ready to explore your mortgage options? Contact me today to discuss your specific needs and learn how I can help you achieve your homeownership goals.
Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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