Mortgage rules are changing

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The government has been recently changing a lot of rules when it comes to mortgage purchases in the country. According to CTVNews: “high-ratio buyers will no longer qualify for the mortgage amount they want”. At National Lending Link, we like to still present to you options. Indeed, regulations are becoming tougher, especially for those who would like to place less of a 2o% down-payment on their next home. Nonetheless, our brokerage can help you with down-payment concerns and other second mortgage related questions. As stated before, Fall is a great time to buy & sell. But, you want to do it right the first time.

But, what if I don’t do my next mortgage transfer right?

There are penalties, agent and other fees that you will have to pay and National Lending Link is here to show¬†you how to avoid that. Starting this month there will be more of a ‘stress’ test happening when it comes to purchasing a new home with the banks. The process is becoming more complicated than it should be. At our mortgage brokerage in Richmond Hill, we feel like you deserve a piece of mind. In addition, credit scores are being raised to even higher levels then before in order for you to be qualified for a mortgage from a bank. Our organization however wants to hear your side first before making a decision, that is why we urge you to pick up the phone and give us a call.

Why are the rules for a mortgage changing so drastically?

Right now there is a booming housing market and there is a lot of action going on. People are buying and selling rapidly and the banks want to curtail that. An increase in credit score, larger down-payments & other regulations are only the begging of what is going on in the mortgage business. That is why at National Lending Link, we would like to speak to you first before you make any conclusions with other organizations. So, please do not hesitate to contact us today to find out how we can help you because we’re all about helping people out when it comes to their next mortgage.

CTVNews article: http://www.ctvnews.ca/business/mortgage-rules-what-do-the-changes-mean-1.3102794

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