Here is an update from our Mortgage Specialist Jake Abramowicz:
Hello!
As you all know very well, the mortgage rule changes had a significant impact on how much people can qualify for. The typical rule of thumb is, $1 of income means $5 of mortgage borrowing capacity, whether you have 5% or 50% down. Ouch. (The number was 7x, FYI, before the changes).
Let’s say, though you just cannot get into the market because of these rule changes. It’s just very difficult for you to do it, the 5x income scenario isn’t working out for you. What can you do?
Simple!
Talk to me where I will get you 6.5x income qualified, at best market rates!
How?
I can’t tell you. It’s a secret. It might *cough* have something to do with *ahem ahem* dealing with an amazing credit union.
Ok I’ll let you all know. Right now, Meridian Credit Union is qualifying clients with:
- 20% down or more
- with good credit
- and good income
QUALIFY using 3.15% and 30-year amortization. So let’s take a fictional character named Kevin into the picture. Kevin makes $110,000 per year as a Software Analyst. He has 20% down. He has good credit.
With the banks, Kevin can borrow $550,000.
With the credit union, Kevin can borrow $715,000.
THAT is the difference between a 1- or 2-bedroom. Between a semi-detached and a detached in certain parts of the 416/905. I don’t have to tell you how much further $165,000 can go in this market. And Kevin will NOT pay high fees, high rates, or, be trapped. Kevin will be a Credit Union member. It’s like a big bank, only, smaller! and better!
As you can tell I am excited about this because it’s been a while since we have had any good news happen like this, and I welcome the opportunity to help you buy more, smartly
Bring it on!
Thanks for reading!
Jake Abramowicz
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tel: 416-910-4448
fax: 1-888-819-4816
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