Most Recent Insurance Premium Increase: On March 17th, the mortgage insurance premiums are set to increase for a second time in less than 2 years.
This is the most recent of several adjustments to qualifying for a mortgage in the past year, and unless you are reading the updates weekly, it would be impossible to know where you stand as a consumer in today’s real estate game. Take a quick look at the table below.
As a professional mortgage agent, I want to express my concern for upcoming buyers and for my existing clients that want to pursue equity borrowing in the near future. Things have changed! It’s complicated, and the best advice I can share is to talk to me before you consider your move or idea.
I have experienced many changes over the years. Two decades of Alberta’s economic boom and bust, Canadian/US fallout in governing mortgage transactions, and knee jerk reactions to try and save our consumer from drowning themselves. It’s slowly eroded the options, and minimized our freedom to make personal financial decisions. I see the frustration, and confusion in my daily communication and I want to help clear the fog wherever possible.
Rather than try to explain each change and how it affects you, just pick up the phone and call me with your situation and let’s work through the scenario together. There is a lid for every pot!