Hello First Time Home Buyers!! On December 15th, 2024 the housing market just got a lot more accessible for you.
This major mortgage change allows you to purchase a home with less than a 20% down payment and have access to a 30-year amortization.
What does that even mean???
With a 30-year amortization, it increases affordability allowing you to either:
- Purchase a higher value home you otherwise would not have qualified for OR
- Lower your monthly payments compared to the payment of a 25-year amortization.
This is HUGE for first-time buyers who were not qualifying for a mortgage with increased housing prices we see in Ontario. This change alone will help you get out of your parent’s basement and into your own home!
Of course with the good news, there are always some considerations. With a loan that is 30 years long compared to 25 years means that you will be paying more interest over the life of your mortgage. You will also need to consider that you will be in debt for 5 years longer as well. Of course, there are ways to lower both of these two negatives, reach out to find out more on how we can shave a few years off of your mortgage by making 1 simple tweak.
Reach out to today to get started on your application, let’s get you into your home!
Nicole Perri, Mortgage Agent Level 2
Email: nperri@dominionlending.ca
Phone: (289) 828-6425
