83 The Bridle Path has been featured on the front page of the Toronto Star, The Globe and Mail and The National Post and many other prominent papers from Canada and abroad.
Modernism, Minimalistic Extravagance & Contemporary Styles; 'The Sensual Space' Explores Metal, Wood, Water, Fire & Earth. Alive, Dynamic With Sense Of Autonomy.
Buying, Selling, Leasing or Investing in real estate is sometimes a complex undertaking. Hiring me, a real estate professional will help save you time and money. steven@maislin.com
Check out my listing at: 83 The Bridle Path, Toronto, Ontario, Canada
Federal Government Changes Mortgage Rules
The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:
All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.
All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.
A Caution For Winter Vacationers:
A caution for winter vacationers: if your house is unoccupied for more than four consecutive days during the winter season, your insurance will not cover water damage that is due to the freezing of any part of a plumbing, heating, sprinkler, or air-conditioning system or domestic appliance, UNLESS you arrange for a competent person to visit your house daily to make sure the heat is maintained. Another option is to shut off the water supply and drain all pipes and appliances.
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