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Summary of Mortgage Rule Changes
Happy New Year !
I wanted to take this opportunity to say thank you for your business and your help in making 2016 a successful year.Your supportmeans the world to me. I look forward to 2017 being another great year of helping people find their perfect mortgages!
As I am sure you are aware, there were a lot of unexpected mortgage policy changes in 2016.I am going to do my best to keep you up to date in 2017 with regular postings regardingpolicy, product and market changes that may impact you. You can find these updates on my facebook page, website, twitter and my blog. Please see links below.
With all these rule changes it is more important than ever to ensure you have someone experienced working for you! Let me put my 20+ years to work for you!
Below is a summary of the changes that came into effect in 2016.I havealso included some valuable information regarding the recently announced B.C. Home Owner Mortgage and Equity Partnership program, also known as theFirst Time Home Buyers Interest Free Loan program. There are still a number of questions to be answered regarding this program and I will keep you updated as we get the most recent news.
Summary of the New Rules and Down Payment Program
On October 17th, new housing policies came into effect and have left many Canadians unsureabout how these have impacted them. Outlined below is a very clear and concise summation of howyou have been affected.
How do the changes affect you?
High Ratio Mortgages
For home buyers with less than 20% down payment, mortgage qualification will be based on the Bank of Canada posted rate. This is to stress test borrowers, as Bank of Canada rates are higher than the rates offered by banks and lenders.
Low Ratio Mortgages
All remains the same for home buyers with a down payment of 20% or more. Specifically, borrowers with down payments of 20% or more will still be able to qualify for mortgages using the contract rate - unless the mortgage has a term of 4 years or less and/or is a variable rate mortgage, which are subject to the new Mortgage Qualifying Rate.
Understanding Key Mortgage Terms:
High Ratio Mortgage-A mortgage in which the borrower has a down payment of less than 20% of the purchase price.
Low Ratio Mortgage-A mortgage in which the borrower has a down payment equivalent to 20% or more of the purchase price.
Mortgage Qualifying Rate-The Bank of Canada conventional 5 year fixed posted rate. On average, 2% higher than rates offered by lenders.
BC HOME Partnership Down Payment Program
Last week the BC government announced the Home Owner Mortgage and Equity (HOME) Partnership. This program will provide down payment assistance to home buyers with less than 20% down.
Through the B.C. HOME Partnership program, the province is helping first-time home buyers by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first five years.
The brief details about the program are as follows:
The B.C. HOME Partnership program will meet the buyers contribution up to 5% of the homes purchase price, to a maximum purchase price of $750,000.
After 5 years, buyers can either repay their loan or enter into monthly payments at current interest rates.
Loans through the program must be paid off in 25 years - the same length as most mortgages.
The program is set to start on January 16, 2017.
To be eligible for the program, eligible first time buyers must meet the following conditions:
Have been a Canadian citizen or permanent resident for at least five years.
Have resided in British Columbia for at least one year immediately preceding the date of application.
Be a first-time buyer who has not owned an interest in a residence anywhere in the world at anytime.
Use the property as their principal residence for the first five years.
Purchase a home that has a purchase price of $750,000 or less (excluding taxes and fees).
Obtain a high-ratio insured first mortgage on the property for at least 80% of the purchase price. Down payment of 5-19%
Have a combined, gross household income of all individuals on title not exceeding $150,000.
Have saved a down payment amount at least equal to the loan amount for which the buyer applied.
The B.C. Government will start accepting applications for the Down Payment program on January 16, 2017.
If you have any questions regarding the mortgage rule changes, downpayment program or your situation in general, please call or email me anytime. I can answer all your questions about the process, run you through your options, and make sure you get expert advice.
Jacquie Claggett | Bayfield Mortgage Professionals | 604-302-1502 | email@example.com|http://www.valleymortgages.ca/
Blanket Drive provides warmth as cold snap hits Lower Mainland
For dozens of local charities and the people they help, the November 18 - 25 timing of this year's REALTORS Care Blanket Drive couldn't have been better.For the 19th year in a row, REALTORS collected enough donations of coats, blankets, sleeping bags and warm clothing to help more than 20,000 people as the mercury plummeted."With the cold snap, your donation of blankets, gloves, and warm clothing mean so much to our clients," said Maxine Davis, executive director of the Dr. Peter AIDS Foundation. "Some of the recipients have shared with us that their living conditions are very cold right now, so these items were put to immediate use."The Dr. Peter Centre, one of Vancouver's recipient Blanket Drive charities, offers health programs and long-term and supportive housing to individuals with HIV/AIDS requiring specialized care.Another regular beneficiary of the Blanket Drive is the Surrey Memorial Hospital's Patient Resource Department. Every year, the hospital receives winter coats to give to patients who need them.Sharon Frizell is the hospital's manager of volunteer resources. "It's really, really helpful. We could never have enough coats on hand without the REALTORS Care Blanket Drive."Especially at this time of year, there are some people we care for who do not have adequate clothing for the cold weather. The REALTORS Care initiative allows us to offer them a warm coat when they're released so they are protected from the elements."Volunteer REALTORS pick up, sort and deliver donations dropped off by colleagues, clients, the public, corporations, retailers, community groups and schools. The drop-off locations are real estate offices spread across the region, between Whistler and Hope.Since 1994, the Blanket Drive has grown to become the largest collection of its kind in the Lower Mainland. Over the years, the program has assisted more than 225,000 people. www.blanketdrive.ca www.facebook.com/blanketdrive www.twitter.com/FVREB and www.twitter.com/REBGV (#RCBD)Reposted from fvreb.bc.ca
Lower Mainland Housing Prices Stable
The Real Estate Board of Greater Vancouver has reported significantly higher sales in November compared to the same month of 2012. There were 2,321 sales last month, up 37.7 percent from the 1,686 sales in November 2012.The number of transactions in the REBGV's jurisdiction plummeted after the federal finance minister, Jim Flaherty, reduced the maximum amortization period to 25 years in June 2012.After the Conservatives took power in 2006, Flaherty raised the limit to 40 years but dropped it by five-year increments in 2008 and 2011.November's sales volume is still 1.2 percent below the 10-year average for the month. And it was 12.8 percent below the number recorded in October 2013.The benchmark price for housing within the REBGV's area last month was $603,000, up one percent from November 2012.The benchmark price for detached homes on Vancouver's West Side was almost $2.1 million, up 3.3 percent over the year and 51.6 percent over five years, when the housing market went into a deep tailspin.The benchmark price of detached homes on the East Side of Vancouver was $855,900. That was 2.5-percent higher than a year ago and 39.9 percent more than five years ago.You can read the entire update here.