Yes, I know…another video talking about mortgages! I know I’ve posted a few videos about mortgages and interest rates as of late. It’s because this is biggest single issue currently affecting the housing market, so it definitely warrants some attention. In this video I cover three recent changes to mortgage rules that could benefit potential home buyers:
1) Insured mortgage amount increase from $1m to $1.5m
2) First-time buyers can now qualify for 30-year amortization for all home types (previously only eligible for newly built homes)
3) Mortgage stress test has been eliminated for mortgage renewals when switching financial institutions
