If you are considering purchasing real estate, you need to know about the mortgage changes coming in to effect on April 19th. Your purchasing power may be affected by as much as $100,000!! Here's an example:
Mrs. Buyer has an annual income of $54,000 and qualifies at the 3 year rate for a mortgage of $300,000. On April 19th, Mrs. Buyer may find that she only qualifies for the 5 year posted rate which means her buying power has dropped to approximatey $200,000 (based on the 5.39% fixed posted rate).
Mrs. Buyer has two options (1) qualify now at the 5 year posted rate and adjust her expectations in a home, or (2) enter into an unconditional Contract of Purchase and Sale prior to April 19th.
We encourage your questions. Post them publicly here or contact us direct to receive confidential real estate advice