2016 - The Year of the Mortgage Apocalypse?

Mortgage Changes in 2016

2016 - it was a big year in mortgages!

If you have a mortgage broker in your life, you likely heard (once again) that the sky was falling, the world was ending, the Apocalypse was imminent.

I say this tongue in cheek now that I have had some time to reflect, to adjust..to breathe. Nope, the world didn't end but it sure looks different now than it did a year ago, or the year before that, or...you get the picture :)

So, what does this all mean to you as a consumer? well a few things:

1. If you have less than 20% down payment to purchase a home, you are now qualifying at a higher rate than you had to previously. It may mean that you will have to pay down some debt in order to qualify or it may mean that you will be asking a family member to go on your mortgage with you in order to purchase that dream home. What it DOESN'T mean is that you will never be able to qualify!!! There are always options and there is always a way...it means that you will be needing some quality advice from a quality mortgage broker. It means that now, more than ever, you will need a great plan and some great people on your team!!

2. If you have more than 20% down payment to purchase a home, or if you have more than 20% equity in your home and you want to refinance, you may have noticed that interest rates for you have just recently gone up. There are a myriad of reasons for this but in simple terms it comes down to how much it will now cost your lenders to hold your mortgage. Some lenders have opted out of doing refinances and rentals for the time being while many have decided that this is still of interest to them and will continue to offer these products. Again, this is the time to make sure that you have a GREAT full time mortgage broker on your team to navigate all of the different options available to you as a consumer!

Far from the Mortgage Apocalypse, what we really have is a varied landscape of mortgage options, mortgage rates and mortgage products. And with a varied landscape comes great opportunity for you :)

As always, I am here to help! Call anytime 403-588-8657

Happy New Year  - may 2017 bring you the home of your dreams!!

 

 


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