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대출 금액이 줄어드는 10월 17일 부터 바뀌는 새로운 몰기지 룰

Manager 0 802 2016.10.07 08:21

결론적으로 말씀드리자면 오는 10월 17일 부터 몰기지 승인 금액이 이전에 승인을 받아 놓았다 하더라도 사전 승인 금액보다 20-30% 정도 대출받을 수 있는 금액이 줄어들수 있으므로 사전 승인을 받아 놓으신 분도 빨리 담당 몰기지 담당자에게 확인하시고   집을 구입하실려는 계획이 있으신 분들은 몰기지 승인을 서두르셔야 하실 것 같습니다. 


How these changes may affect you: These new rules reduce the mortgage amount you may qualify for by 20 to 30%. Ex: If you were pre-approved up to $400,000 previously, you may now only be approved for approx. $280,000 to $320,000.


New changes to mortgage rules 


New changes to mortgage rules were just announced October 3rd .  These new rules will impact your mortgage approval if you are putting down less than 20% down payment and have not received and signed a commitment letter from the mortgage lender showing the interest rate, monthly payment, and mortgage amount, and terms.

 

 

 

Here is a summary of the new mortgage rules that may affect you:

 

 

 

·       Effective October 17, 2016, purchasers will have to qualify at the posted five-year qualifying rate. This is set by the Bank of Canada and is currently at 4.64%. Previously, only variable rate mortgages and mortgages with terms less than five years were subject to a higher qualifying rate. 

 

 

o   What this means: If you were previously pre-approved at the 5 year fixed rate, you may have been qualified based on the discounted bank rates – 5 year fixed discounted rate is currently 2.39%. Your mortgage can still be set at that lower rate but the banks will qualify you based on the higher posted rate of 4.64%. This is to ensure you can afford increases in mortgage rates over time. 

 

 

·       The purchaser's debt servicing ratio must be no higher than: 

 

 

o   Gross Debt Service – 39% of gross household income, including mortgage payment, taxes, and heating costs. Ex: If your household income is $10,000 per month before income taxes are deducted, your mortgage payment + 1/12 property taxes + monthly heating costs can be no more than $3900/month.

 

 

o   Total Debt Service – 44% of gross household income, including mortgage payment, taxes, heating costs, and all other debt payments. Ex: If your household income is $10,000 per month before income taxes are deducted, your mortgage payment + 1/12 property taxes + monthly heating costs + all other debt (ie: loans, credit cards, lines of credit) can be no more than $4400/month.

 

 

How these changes may affect you: These new rules reduce the mortgage amount you may qualify for by 20 to 30%. Ex: If you were pre-approved up to $400,000 previously, you may now only be approved for approx. $280,000 to $320,000.

 

 

We encourage you to reach out to your mortgage specialist to confirm the mortgage you have been pre-approved for is unaffected by these new changes and to confirm that there are no outstanding requirements that still need to be met. 

 

 

 

If you do not have mortgage approval yet, we encourage you apply now as these new rules are in effect October 17th, although some banks have already started to implement them.

 

 

 

 

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