First Time Buyers Alert
I heard this morning that the federal finance minister is in discussions as to changing the rules CMHC follows to insure mortgages. There are plans to increase the minimum down payment from 5% to 10% and to decrease the amortization period. These steps will have profound effects on first time home buyers with their ability to qualify to buy a home.
If you are THINKING of buying real estate in Richmond, Vancouver, etc... it could be wise to get yourself preapproved as ASAP. Preapproved, meaning that you have your application for a maximum mortgage amount approved by the lender and CMHC. You don't have to borrow as much as you are approved for but you are at least locked in for the approval for a length of time. The broker will confirm the length of time.
Call one of these mortgage specialists.
Adrian Percival (Invis Group) at 604-290-2989 Fraser Valley
Michael Friedman (Origin Group) at 604-657-1684 Greater Vancouver
Read the news story here
Bill de Mooy, Keith Vines, Karolina Hernandez
of Vines deMooy & Associates