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Featured Property

36 Sunrise Way, Cochrane

Beds: 3 Baths: 3 Size: 1,778 sqft Price: $409,900
Lot: N/A Built: 2019 Taxes: $928 Type: Detached
Welcome to Douglas Homes "THE PERFECT FIT" The Madison model is a wonderful family home, comes with elegance but is functional. This home has over 1780 Sq ft. featuring 3 bedrooms, upper floor bonus/family area, upper floor laundry. Master retreat with a fantastic ensuite, his and her sinks, shower, drop in tub, separate toilet room, and a large walk in closet. Hardwood throughout main floor, boxed out gas fireplace, 9’ main floor ceilings with large windows, wrought iron railings, Danburg flooring and a lighting package we only dream of, beautiful kitchen with large pantry, island, quartz counters. Double front attached garage all in the family community of Sunset where the mountains are in your backyard, parks are a hop, skip and a jump away, walking paths and shopping.

Listed By:  FIRST PLACE REALTY

Welcome

OPEN HOUSES

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Email us Today for a FREE copy of our Mortgage Guide

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Important changes to Mortgage Rules January 1, 2018

The Office of the Superintendent of Financial Institutions (OSFI) released revised guidelines for the mortgage industry, similar to the draft version released earlier this summer. These new parameters took effect January 1, 2018.

In October of 2016, OSFI implemented the stress test for all insured mortgages - those with less than 20% down payment. Now they are extending that same stress test to everyone, regardless of down payment.


OSFI said they will be holding information sessions through the fall to discuss implementation expectations. This new stress test means that borrowers will be qualified at the greater of their contract rate + 2% or the five year benchmark rate published by the Bank of Canada, which is currently 4.89%.

To give you some numbers, per $100,000 in mortgages:

     

  •  Mortgage Payment - $488.25 (3.29% with 25 year amortization)
  • Benchmark Rate Payment - $575.36 (4.89% with 25 year amortization)
  • Stress Test Payment - $598.22 (5.29% with a 25 year amortization)

 

Lenders determine how much money you can borrow by determining what percentage of your income can go towards your mortgage and debt payments. The new requirement will determine the mortgage payment based on the higher of the benchmark rate or stress test rate, even though your contract rate is 3.29%. This will reduce your maximum allowable mortgage by approximately 20%.

These are not the only changes made, below is a summary of all the changes:

 

  • A new minimum qualifying rate (stress test) for uninsured mortgages 
  • Lenders will be required to enhance their Loan to Value (LTV) measurement and limits to ensure risk responsiveness
  • Restrictions will be placed on certain lending arrangements that are designed or appear designed to circumvent LTV limits.

 

The guidelines went into effect January 1, 2018. If you are currently looking for a home and you have 20% down, we should talk. It's possible you no longer qualify for as much as you did when you were pre-approved.

 

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A Good Real Estate Agent does not disappear once the closing papers are signed.   This may be our chosen Profession and Ultimately our Livelihood, but it is more than that.  We absolutely LOVE our Profession, and are there for you long after the transaction is complete. When we say we are available 24 hrs a day/7 days a week, we mean it and you can count on us to always work in our clients best interests and represent you to the utmost of our ability.  We can proudly say that all our Clients have become our Friends.

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View all the up to date Real Estate Stats on the Calgary Real Estate Board website at:

http://www.creb.com

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