How much will you be able to afford after the new mortgage rules are in place on January 1, 2018? Let’s take an example of somebody who makes $67K/yr and has saved up a $90K downpayment. Assuming a 5 year fixed rate of 3.09%, a 25 year amortization and $700/mth in other debt, that person could afford a $450,000 home today. After January 1st that affordability drops to $380,000.

Robert can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com. You can fill out an application online here with absolutely no pressure and no obligation.

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