Patricia Bailey-Hamlett Homes

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Patricia Bailey-Hamlett Homes In business over 27 years. Specializing in the resale market.

28/02/2023
30/04/2020

Epsom Salt Garden Tip

31/01/2019
18/12/2017

With the new year literally just around the corner, if you are someone who is looking to sell and or buy a new home in the near future, do you understand how the new lending rules will affect you?

These new rules come into effect in January. Simply put, those with a
20-per-cent down payment will now need to pass a stress test to qualify for
financing. What does this mean for the average buyer? If you are putting
down more than 20 per cent down on your home purchase, will need to prove
you can handle a higher mortgage rate. You will need to qualify at either the five-year benchmark rate published by the Bank of Canada (BoC (currently 4.89 per cent), or at an extra 2 per cent on top of their contract mortgage rate - whichever is higher. Prior to this rule change, only high-ratio (less than 20 per cent down) borrowers were stress tested at the BoC's rate.

If you have any questions about these new rules, how it will affect you and your purchase, ask your agent to go through these with you. If you are looking for an agent, do not hesitate to contact me. We can walk through all the new changes together and make sure that you start the new in your new home without any unnecessary headaches.

Attention renovators! Charming and unique Victorian. Well located in trendy Stinson neighbourhood. Nestled into the esc...
20/03/2017

Attention renovators!

Charming and unique Victorian. Well located in trendy Stinson neighbourhood. Nestled into the escarpment. Vaulted ceilings, skylights, huge master, red oak kitchen. Needs TLC. Great opportunity!

Click here for more photos and details!

18 Alanson Street, Hamilton L8N 1W5. Click for more photos and pricing

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