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mortgage information kingston ON

Mortgage rules have changed. Again. What does this mean for you?

The changes, which take effect January 1st, 2018 and have several impacts to you as a borrower:

  • The average Kingston household will qualify for a $55,000 smaller mortgage. This represents a DECREASE of 15% in your borrowing power – no matter what you do or where you
  • Banks must now review the amounts of money they lend based on where the property is, which means if you live in a rural area you may not be able to borrow all the money you need;
  • ‘Packaged’ mortgages (marketed combinations of 1st & 2nd mortgages) – which exist to help those who cannot obtain standard financing – are now no longer allowed…second mortgages remain available, however your alternatives may be limited.
  • As your mortgage renews, if you can’t get the mortgage you need, your bank has no obligation to be competitive when offering you a further term. This is bad news for every Canadian

Call us today. Things are changing. If you even THINK you might be buying a home or borrowing in the coming year, you need to speak to us now. The Mortgage Professionals have the tools and expertise to get you what you need.


Leo Ragusa – The Mortgage Professionals

613.876,0777 – leo@mtgprof.com