Justin MacKinnon

Cell: 778-229-7444 |

 

 

Come see this 595 square foot east facing 1 bedroom/1 bathroom condo listed at $818,000 just steps from Langara Skytrain Station, Tisdall Park and Oakridge mall.  Richmond airport and the downtown core just a train ride away.  Close to Langara College, golf course and YMCA.  Sneak peak Friday and full open house Saturday/Sunday.  Call Justin at 778-229-7444 for a private viewing.

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The new guidline for uninsured mortgages come 2018 will have you stress tested for an additional 2%.  So, if you have 100,000$ down for a 500,000$ dollar home and you found a great rate at 2.90%, you will be tested for 4.90% for that 5-year mortgage.  Prepare yourselves for a tighter lending encironment.  Private lenders may see a rise in business as regulated financial institutions are adopting more strict lending procedures.  

 

Those that already own may not be safe either, come renewel time.  Almost all of the leverage falls into your existing lenders hands, and they’ll know you can’t leave. This could result in less mortgage competition, and higher borrowing rates than if you could just go to a competitor and get a better rate.  If you can't afford a new stress test, you'll end up paying more than those who can.

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