If you've been dreaming of homeownership but felt constrained by the mortgage rules, we've got some fantastic news for you! Big changes are coming for first-time homebuyers, and they could make a huge difference in your journey to buying a home.
1. 30-Year Amortization for Insured Mortgages
Starting December 15th, 2024, if you’re putting down less than 20%, you'll now be eligible for a 30-year amortization period on your insured mortgage.
What does this mean for you? Lower monthly payments, plain and simple! Stretching your mortgage over a longer period allows you to manage your finances more easily, leaving room for savings, investments, or just a bit more breathing space in your budget.
This change provides more financial flexibility, making it easier for first-time buyers to enter the market and afford their dream homes.
2. Increased Home Price Limit: Up to $1.5M with an Insured Mortgage
The previous cap of just under $1M on insured mortgages left many first-time homebuyers limited in their options, especially in today’s competitive market. But that’s no longer the case!
As of December 15th, 2024, the new limit has been raised to $1.5M. This opens up a wider range of properties, including larger homes and those in more desirable locations.
Whether you’ve been considering a new build, or a cozy resale home, this change could make all the difference in finding the perfect property without worrying about exceeding the previous limits.
3. Why This Matters for First-Time Buyers
These changes come at a critical time, as home prices in markets like Oakville and Burlington continue to rise. With more affordable monthly payments and a higher price cap, first-time buyers will now have the opportunity to explore a wider variety of homes.
No more compromising on your dream! Whether you're looking for more space, a better location, or more modern features, this could be your chance to find the home that checks all your boxes.
Ready to Make Your Move?
With these exciting changes, there's never been a better time to take the plunge into homeownership. Whether you're just starting your search or you're ready to put in an offer, we’re here to help guide you through every step of the process.
Let’s connect today! DM us or email to discuss how these new rules could work for you, and let’s start planning your path to homeownership.
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