June 1 is Tuesday and that is when the rules change! Here is an update from our friend Jake about what’s to come:
“We all know that as of June 1st there is a new stress-test for ALL borrowers, 5% down, 20% down, 50% down etc.
We all thought that a pre-approval would not be valid at all. You have to have BOUGHT a property BEFORE June 1st to be eligible for the old test rules.
But wait! Hold on!
ONE lender (CMLS) just announced that they WILL pre-approve borrowers for 120 days IF YOU SUBMIT THE APPLICATION BEFORE JUNE 1st and you can purchase within that 120 days to qualify under the old rules.
That’s CRAZY good.
That means if you are a frenzied buyer who is deflated (by 4%) will no longer feel this way! Hopefully…. You will have a little breathing room and maybe catch a deal in the Great Reopening Summer 2021 when everyone is on the beach, at the cottage, or on a boat, and you are out there finding a property.
If you are humming and hawing… sitting on the fence…. a buyer with 5% down…. contact me asap (before June 1) and we can have pre-approve you ASAP.
The process is VERY easy:
1. Apply at www.mortgagejake.com/apply 2. We PRE-approve you for 120 days as of Monday. 3. We QUALIFY you at the OLD 4.79% RATE (4% MORE buying power)”
Jake
Jake Abramowicz
E: Jake@mortgagejake.comC: 416 910 4448
A Mortgage Agent with Premiere Mortgage Centre.MBL 10317FSCO M08003274
