North Oshawa Open House, Sunday April 29th from 2-4 p.m. @ 2486 Steeplechase St.

Stunning 3 Bedroom Townhome with over $20,000 in Builder upgrades ! 

Dont miss this opportunity to move into one of Oshawa’s fastest growing neighbourhoods.

Join us on Sunday afternoon April 29th for an Open House from 2-4 p.m. at 2486 Steeplechase Street. Come and take in the many upgrades, The Open Concept main floor layout and Spacious bedrooms and bathrooms on the second level.

Virtual Tour

The beautiful quartz counter tops and upgraded stainless steel appliances in the kitchen Upgraded Kitchenhelp accentuate the luxurious feel in this open concept space where entertaining with family and friends would be a dream. There is also a walkout to the slightly elevated deck in the back yard.

Upgrades Include:

  • Quartz Countertops in Kitchen
  • Pot Lights on main level
  • Dark hardwood Floors
  • Upgraded Zebra Style Blinds
  • Finished Basement (With Oversized Windows)

Basement has been finished and features broadloom floor covering, oversized windows making this space very bright and welcoming. There is also and unfinished laundry area and ample storage

For Additional information please contact:

Scott Roy Sales Representative

RE/MAX JAZZ Inc Brokerage, 21 Drew St., Oshawa ON

(905) 728-1600 Office or (905) 435-7355 direct

Scott@LifeInDurham.com 

New Qualification Rules for Mortgages

We met with mobile mortgage specialists from RBC this week to discuss how the recentconventional-versus-high-ratio-mortgage rule changes are affecting home buyers. Its not overly complex but the changes do have a significant impact on both buyers and the potentially the real estate market.

Lets run through a possible purchase scenario 

  • Buyer Client is a first time home buyer
  • They saved 5% for the down payment
  • $100,000 combined income
  • $800 a month for Loans, Car Payment, VISA Balance etc.

Subject Property they would like to purchase

  • Purchase Price $475,000
  • Property Taxes $5,000 / year
  • Heating and or other Expenses $1,200

 

2017 Qualification Rates for a 5 year fixed term – 3.19% 

  • Purchase Price $475,000
  • Purchase 5% Down Payment
  • 25 Year Amortization
  • Estimated Monthly Payment $2,221

** Total Debt Service Ratio =42%  equals mortgage APPROVAL  ** 

2018 Qualification Rates for a 5 year fixed term – 5.14% 

  • Purchase Price $475,000
  • Purchase 5% Down Payment
  • 25 Year Amortization
  • Estimated Monthly Payment $2,712

** Total Debt Service Ratio =48%  equals mortgage DECLINED  ** 

ADJUSTED QUALIFICATION *** 2018 Qualification Rates for a 5 year fixed term – 5.14% 

  • Purchase Price $400,000
  • Purchase 5% Down Payment
  • 25 Year Amortization
  • Estimated Monthly Payment $2,299

** Total Debt Service Ratio =43%  equals mortgage APPROVAL  **

Now more than ever it is so important to align yourself with and partner with industry professionals to help navigate you through all of your real estate options and the process of searching for and purchasing your new home. You may qualify for more than you think., You may have to adjust your search criteria, either way knowledge is truly a power full tool and a tremendous advantage in this current market place

Would like to thank Marlene Jobb, Ethan Jobb & Alexandra Jobb for presenting and  assembling the above numbers and scenarios. 

  • Marlene Jobb @ (905) 432-4310 marlene.jobb@RBC.com
  • Ethan Jobb @ (289) 927-3720 ethan.jobb@RBC.com
  • Alexandra Jobb @ (905) 995-2126 alexandra.jobb@RBC.com

Thank you

 

SCOTT ROY, Sales Representative

RE/MAX JAZZ Inc. Brokerage, 21 Drew Street, Oshawa ON

(905) 728-1600 Office or (905) 435-7355 Direct – scott@lifeindurham.com