Carlos Montes Calgary Real Estate

February 2, 2011 Mortgage Update

January is done already. It’s funny how time flies when things get busy. Strong start to 2011 in real estate and we are happy to have helped many clients get into the homes of their dreams.  With the March deadline for rule changes looming, more and more people are interested in looking at their options to determine how the changes might affect them. For the most part people are concerned that the lowered amortization might affect the amount that they qualify for, and it’s true, this might be a determining factor in getting into a home.  Your best bet is to get a pre-approval in place and have us run a scenario based on the the 35 year amortization vs. the 30 year that will be the new max come March. The only real way to determine how this might affect you is to run the numbers and we are happy to do that for you. 

Another thing people seemed to be interested in is how to get a mortgage with no downpayment.  There are a couple ways to do this and one of the more attractive options is the “Free Downpayment Mortgage”  Basically with this type of mortgage the bank gives you the downpayment of 5%.  You do pay a slightly higher interest rate  then you would if you had your own downpayment, but it does get you into a home sooner.  The downpayment can be hard to save especially if you are a single income or have a family to support.  This type of mortgage is an excellent way to get into a home now with minimal cash injection, And at a reasonable rate. If you think this might be something that you might be interested in or would like more information we would be more than happy to discuss this option with you.

Happy February to all! Make it a great month.

 
Jen Mikla, AMP
Mortgage Planner
Mortgage Architects
P: 403.863.9770
F: 403.398.1360

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