In January the federal government announced that the 35 year CMHC insured mortgage would no longer be an option for Canadian home buyers.

The difference in dollars between a 30 year and a 35 year amortization is effectively about $1500 to $2500 per year in additional payments on a mid range priced home in the Barrie area. ($250,000 to $350,000)

That difference is significant enough for most and for those planning on purchasing a home this year I suggest getting your mortgage pre approved before the March 18th deadline. Approved deals that close after March 18 can still have 35 year amortizations as long as the deal is approved by CMHC/Genworth prior to the date.

New housing inventory is coming onto the market at an increasing rate over the past few weeks. 

Contact your lender to make sure your credit is in order and to learn the maximum amount of mortgage you qualify for and what your monthly costs are going to be.

Call or email to discuss your purchase preferences, get and update on the current inventory of homes meeting your requirements and set up an automated search that will flag future new listing matches as soon as they come onto the market, sending them to your email. When something that looks like a good candidate comes up you will know about it right away.

If you need a referral on a good Mortgage Broker I can help you there as well.