HawthorneVillager.com

Am I getting from your post that if I purchased a rental property before the April deadline I won't be impacted? even if I don't get a pre-approval?

Just need to understand it completly....

Let say if I book a House through a Builder Today and get pre-approved within a week or before April 19. but the closing of this house would be after a year.

Would i be required to oay 20% with the new law or I can still do 5% as I signed the deal before April 19...

What about the ammortization? can it be 30 or 35 years or that is also a maximum of 25 years?

Mr Big - if you entered into the purchase agreement prior to the April deadline (regardless of whether or not you have a pre-approval) then it is likely that the lender would underwrite using existing guidelines (5% down)

Farhan - you may want to prepare to put 20% down if you are an investor. You may be able to get away with the 5% down if you are purchasing prior to the deadline but it depends on how far out the closing date is.

_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com