What do new mortgage rules mean for a new buyer?
We've had a lot of questions from buyers regarding the new rules that come into effect on October 17th 2016. After this date there will be different rules for qualifying for your mortgage, as well as the amount of money you can borrow.
As an example:
A typical couple who earn $90,000 jointly and have roughly $1000 of monthly debt payments (car loans, Credit Cards etc.) can qualify for a mortgage of $365,000.
When the new rules take effect, this couple with this same scenario will only qualify for $295,000.
If you have any questions about the new mortgage rules or any part of the video, feel free to ask your questions and Darren keck will be happy to answer them for you.
If you're currently Pre-Approved you might want to touch base with your lender to make sure that you will still be able to afford the same amount of house as you are approved for. These new rules will affect pre-approvals that are not live deals.