{"id":1427,"date":"2019-07-21T22:13:10","date_gmt":"2019-07-22T02:13:10","guid":{"rendered":"http:\/\/www.karenmillar.com\/blog\/?p=1427"},"modified":"2019-07-21T22:13:10","modified_gmt":"2019-07-22T02:13:10","slug":"mortgage-update","status":"publish","type":"post","link":"https:\/\/www.karenmillar.com\/blog\/mortgage-update\/","title":{"rendered":"Mortgage Update!"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"310\" height=\"162\" src=\"http:\/\/www.karenmillar.com\/blog\/wp-content\/uploads\/2019\/07\/money.jpeg\" alt=\"\" class=\"wp-image-1428\" srcset=\"https:\/\/www.karenmillar.com\/blog\/wp-content\/uploads\/2019\/07\/money.jpeg 310w, https:\/\/www.karenmillar.com\/blog\/wp-content\/uploads\/2019\/07\/money-300x157.jpeg 300w\" sizes=\"auto, (max-width: 310px) 100vw, 310px\" \/><\/figure><\/div>\n\n\n\n<p>Here is an update from our Mortgage Specialist Jake Abramowicz:<\/p>\n\n\n\n<p>Hello!<\/p>\n\n\n\n<p>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\u00a0<em>was<\/em>\u00a07x, FYI, before the changes).<br>Let&#8217;s say, though you just cannot get into the market\u00a0<em>because<\/em>\u00a0of these rule changes. It&#8217;s just very difficult for you to do it, the 5x income scenario isn&#8217;t working out for you. What can you do?<br>Simple!<\/p>\n\n\n\n<p><strong>Talk to me where I will get you 6.5x income qualified, at best market rates!<\/strong><br>How?\u00a0<\/p>\n\n\n\n<p>I can&#8217;t tell you. It&#8217;s a secret. It might *cough* have something to do with *ahem ahem* dealing with an amazing credit union.<br>Ok I&#8217;ll let you all know. Right now, Meridian Credit Union is qualifying clients with:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>20% down or more<\/li><li>with good credit<\/li><li>and good income<\/li><\/ul>\n\n\n\n<p>QUALIFY\u00a0using 3.15% and 30-year amortization. So let&#8217;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.<br>With the banks, Kevin can borrow $550,000.<br>With the credit union, Kevin can borrow $715,000.<br>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&#8217;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&#8217;s like a big bank, only, smaller! and better!<br>As you can tell I am excited about this because it&#8217;s been a while since we have had\u00a0<em>any\u00a0<\/em>good news happen like this, and I welcome the opportunity to help you buy more, smartly<br>Bring it on!<\/p>\n\n\n\n<p>Thanks for reading!<\/p>\n\n\n\n<p>Jake Abramowicz<br>..<br>tel: 416-910-4448<br>fax: 1-888-819-4816<br>..<br><a href=\"http:\/\/mortgagejake.com\/blog\" target=\"_blank\" rel=\"noreferrer noopener\">mortgagejake.com\/blog<\/a><br><a href=\"http:\/\/twitter.com\/mortgagejake\" target=\"_blank\" rel=\"noreferrer noopener\">twitter.com\/mortgagejake<\/a><br><a href=\"http:\/\/facebook.com\/mortgagejake\" target=\"_blank\" rel=\"noreferrer noopener\">facebook.com\/mortgagejake<\/a>&nbsp;&lt;<a href=\"http:\/\/www.facebook.com\/mortgagejake\" target=\"_blank\" rel=\"noreferrer noopener\">http:\/\/www.facebook.com\/mortgagejake<\/a>&gt;<strong>#1 Mortgage Edge Agent in Residential Volume, 2016 AND 2017<\/strong><br>FSCO Agent Id: M08003274 a mortgage edge agent, MBL 10680<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/ssl.gstatic.com\/ui\/v1\/icons\/mail\/images\/cleardot.gif\" alt=\"\"\/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; [<a href=\"https:\/\/www.karenmillar.com\/blog\/mortgage-update\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,984,5],"tags":[56,1110,1112,631,126,1107,1113,331,1109,219,150,191,1108,140],"class_list":["post-1427","post","type-post","status-publish","format-standard","hentry","category-community","category-investment","category-real-estate","tag-buying-a-home","tag-finances","tag-financial-advice","tag-jake-abramowicz","tag-karen-millar-team","tag-mortgage-rules","tag-mortgagejake","tag-mortgages","tag-saving-money","tag-selling-a-home","tag-toronto-economy","tag-toronto-homes","tag-toronto-money","tag-toronto-real-estate"],"_links":{"self":[{"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/posts\/1427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/comments?post=1427"}],"version-history":[{"count":1,"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/posts\/1427\/revisions"}],"predecessor-version":[{"id":1429,"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/posts\/1427\/revisions\/1429"}],"wp:attachment":[{"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/media?parent=1427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/categories?post=1427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.karenmillar.com\/blog\/wp-json\/wp\/v2\/tags?post=1427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}