The market here in Orangeville is just crazy right now! I'm telling you! I've have been on the run since my last update here on Orangeville MarketWatch! I love being busy in this business, and I thrive off of helping people, but this is nuts :) There seems to be a big urgency happening with people wanting to buy.
If you are buying a new home and will require an insured mortgage(a mortgage with less than a 20% down payment), and want a variable rate, you will need to act quickly, and buy a home before April 19th. If you are self-employed, you will need to purchase a new home prior to April 9th., in order to qualify for a high ratio mortgage on a better term for lower interest rates. As of April 9th(for self-employed buyers), or April 19th(for the rest of the buyers) you will have to qualify, for a variable mortgage on a 5 year term, instead of a 3 year term(which often is a lower posted interest rate), therefore making your money stretch a little further. There are also other stipulations regarding investment property, and the qualification for buyers.
This is very important stuff, and as per one of our great mortgage brokers says, this will really restrict what some buyers want to do. They may not qualify to borrow as much money as they need to find a house they will be happy with, self employed buyers, who earn their money on commission will have to look to other mortgage products, and investors will have to have to put more money down in their investments. If you have any further questions, please let me know, and I can put you in touch with a great mortgage broker.
Well - onto more "great" stuff! There are some great new listings on the market this week. Please click on the links to your right to see them. Also, if you would like more information on the listings I am writing about below, please click on the photo, and the listing will pop up.
This is the Dave pick of the day!
Welcome to Hockley Heaven! A Gorgeous 4.58 acre lot offers privacy and I mean privacy, trees & the Nottawasaga river at the doorstep. The home has just been totally renovated and is wow, wow and wow. I went to the agent open house yesterday and I was amazed with the New Kitchen with granite counters and birch cupboards. It Overlooks the Living Room and has soaring ceiling and a wall of windows. The Mainfloor has a 4 Piece bathroom with skylight & soaker Tub.
Huge room sizes and finished Walkout Basement ideal as In-law suite. They also put on a steel roof 4 years ago. The furnace and AC are only 3 Yrs and there are 2 large decks, Mainfloor laundry and 3 outbuildings.