Mortgages / Real Estate Changes and Outlook for the Real Estate market
By Cristian Vergara
We have had a very heated Real Estate market over the last couple of years. We have been seeing year over year increases of over 20% in most areas and across most market types. The government has been introducing a number of different measures to curtail the rapid increase. As many of you were aware there were some changes, introduced by the government, that took affect October 17th. The most important of these changes was the way buyers with less than 20% would qualify for their mortgage at the current posted rate compared to the discounted rate. The way it works is that, years ago when you wanted a mortgage you would have to negotiate from the rate on the window (posted rate) or now the web site to a discounted rate, the bank depending on the business you were bringing to them would decide how much they would negotiate. Lately most banks offer you the discounted rate right from the start and you would qualify at the rate that they offered you. As of October 17th, if you are putting down less than 20%, you will still get a discounted rate but will have to qualify at the posted rate. What that means is most people will now qualify for over $100,000 less on what they could have purchased before.
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