Exciting changes are shaking up the mortgage world, and we want to share them with you!
30-Year Amortizations for First-Time Buyers & New Builds
Finally, first-time homebuyers and anyone buying a brand-new home can qualify for a 30-year amortization on their mortgage. This means lower monthly payments and more breathing room in the budget!
Example:
Let’s say your client is buying a $400,000 home with 5% down at 4.29% interest:
- Old 25-year mortgage: ~$2,067/month
- New 30-year mortgage: ~$1,878/month
- Monthly savings: ~$188!
That’s like covering their utilities or funding a weekend getaway every month. Who wouldn’t want that?
Insured Mortgages Now Up to $1.5 Million
Until now, any home over $1M required a 20% down payment, which shut a lot of buyers out. But now, insured mortgages are available up to $1.5M—meaning clients can buy with just 5% down on the first $500K and 10% on the rest. This is huge for buyers in higher-priced markets!
Secondary Suite Refinancing = More Rental Income
Got clients thinking about adding a basement suite? They can now refinance their mortgage based on the future rental income from a secondary suite! This means they can qualify for a bigger loan, make upgrades, and create an extra income stream. More rental options = happy homeowners and happy renters!
Next Bank of Canada Announcement – March 12
Everyone’s watching to see if interest rates finally drop. With inflation cooling and economic shifts happening, there’s a solid chance we might see some movement. A rate cut would be amazing for buyers and anyone who maybe coming up for renewal or wanting to refinance! Stay tuned the next rate announcement will be April 16th.
To learn more about renewing your mortgage, please reach out to Patricia 403.875.2969 or Stacey at 403.850.7738.
Visit our website at www.unbeatablemortgages.ca
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Patricia McKean, a Lead Planner with the Unbeatable Mortgage Team at Mortgage Architects in Olds, has over 20 years of experience in lending and has been successful in helping a number of our rural clients obtain mortgages in Alberta.
Mortgage Architects
Olds, Alberta
d. 403.875.2969 p. 403.637.0140 f. 866.465.2870
patricia.mckean@mtgarc.ca
PatriciaMcKean.ca