How does April 19th 2010 mortgage changes effect me ?

“So, with all these changes coming into affect today, how could it effect my future decisions ?” …… is the typical question I have been getting the last few days.

Quick urgent NOTE .. And/Or Click and watch video below:

This seems to be the Biggest question from anyone involved in Home Ownership, Real-Estate or Mortgages now a days, So here’s a summary of the changes…

The changes we will now see as of April 19th 2010 are:

• Refinancing limited to from 95{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8} to 90{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8}
• Non Owner Occupied properties will require a 20{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8} downpayment
• Variable rate mortgages and 1-4 year fixed rates now qualify at a 5 year fixed POSTED (MQR) rate instead of 3 year (discounted) rate.
  Who it hurts?

Canadians who were planning on purchasing an income or rental property with putting less then 20 {ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8} down.
Those that put 5{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8} down on a house, used a loan to upgrade and renovate, now can only borrow up to 90{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8}..and not get the other 5{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8} back
Purchasers – your variable rate pre-approval amount will be lower after April, for example… March 2010 you may be pre approved for $300,000 and in March 2011 with the same income, you may only qualify for $220,000….. these are pure assumptions…. if we only had a crystal ball eh?
( I suggest watching the ENTIRE video, it’s 6 minutes that can help )

https://www.youtube.com/watch?v=C9duWk30kW4

If you know someone that should know these New Rules please forward this Video Blog