Agent Blogs

the changes announced today REGARDING MORTGAGES will be effective April 19th 2010 and are as follows.

for refinancing....the maximum withdrawal to become 90% from 95%

for investment buying purposes: the downpayment will now be 20% ONLY IF YOU ARE INVESTING...NOT FOR FIRST TIME HOMEBUYERS

for purchasing: everyone, no matter what product you are taking, will have to qualify under the 5 year fixed rate.  For those taking a 5 year term, most lenders will be using the discounted rate not the posted rate but if you are taking a variable rate mortgage you must be qualified under a 5 year posted rate. 

so Today a mortgage of $300000 for a variable rate mortgage you would need to have a qualifying income of $75000

                                                                  if you are looking at a fixed rate mortgage you would need an income of $65000

posted rate as of today is 5.85%, and the above assumes that property taxes are approximately $3000 and that there are no other condominium or common area expenses.

We are expecting rates to go up tomorrow by some lenders and this scenario may change very quickly.  For details I suggest you call me to discuss and be willing to adjust quickly to requests for details to ensure a timely solution that is satisfactory to your needs.