Exciting News in the Canadian Housing Market: Lower Rates, Enhanced Insured Options, and More!
Hold on to your seats because we're about to reveal some fantastic news that could make your dream home more attainable than ever! The Bank of Canada has just reduced the policy rate by 0.50% to 3.75%, and we're here to show you how this incredible change can mean lower monthly payments for your new home.
Lower Rates Mean Lower Payments!
With the new policy rate, mortgage rates are dropping, making homeownership more affordable. Imagine this: With a 10% down payment, you can lock in an unbeatable 5-year fixed rate of 4.04% with MMG Mortgages. Let’s quickly scan through some payment scenarios.
Example Scenario:
- Household Income: $125,000
- Minimal Liabilities
With a 25-Year Amortized Mortgage:
- Maximum Purchase Price: $550,000
- Monthly Mortgage Payment: $2,945.27
With the New 30-Year Amortization Policy for New Build Homebuyers:
- Maximum Purchase Price: $600,000
- Monthly Mortgage Payment: $2,904.54
This extended amortization period might just bridge the gap between your dream home and affordability. Plus, imagine all the great things you could do with the savings: family trips, treating yourself, investing, and more!
Even More Good News: Enhanced Insured Mortgage Options
But the magic doesn’t stop there! We have TWO big announcements that further enhance your home purchasing power, applicable to any home bought today and occupied after December 15, 2024:
1. Increased Insured Price Cap
The insured price cap is increasing to $1,500,000 from the current $1,000,000. This change allows for a larger spectrum of insured mortgage options, giving you more flexibility and choices in the market.
2. 30-Year Amortization Now Available!
Now, a 30-year amortization for insured mortgages is available to everyone—not just first-time homebuyers—on new builds only*. This means lower monthly payments, making your financial planning easier and more flexible.
This incredible opportunity, coupled with the recent rate cut and our exclusive offers, makes it a great time to secure your dream home. Whether you’re a first-time buyer or looking to upgrade, these changes enhance your purchasing power and make homeownership more accessible than ever.
Feel free to connect with us for more information or specific queries. View our current promo to see how you can make getting into a dream home a reality. Let’s make your dream home journey smooth and exciting!
