Paige is a wonderful realtor! She was very patient with me in my buying process - buying your first condo can be a very stressful time but Paige wasn’t pushy & was always quick to point out things I wouldn’t know to look for. Very trustworthy! Thank you for making my first time buying experience a good one!
Nancy Moro
Changes for Mortgages!
Some changes surrounding mortgaging property are coming April 19, 2010.
Usually when someone is looking to purchase another piece of real estate, be it a rental, investment, or recreational property, lenders will have different requirements than if your buying your principal residence.
Currently, some buyers would qualify for a 5% down payment on a rental property purchase that would have to be insured by CMHC. The government is mandating a change upwards on that down payment will have to be 20% effective April 19th.
Also rules around re-financing your property will come into effect on the same date. Instead of being able to borrow up to 95% of your equity, that will be bumped down to 90%.
Although these changes are good and designed to assist Canadians to be able to manage their debt load when interest rates go up, it may be an excellent time to really get busy if you're thinking of buying some more Kelowna real estate!
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