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This past week of sunshine has given us a boost of optimism for what’s to come this summer, especially in the million-dollar home market.

The environment in our office has shifted slightly in recent months. Real estate has turned the heat back up with multiple offers and stats are indicating a seller’s market, we might need to get ready for another whirlwind real estate frenzy.

Changes in real estate and the mortgage industry have significantly affected the financial lending division. To make it simple, getting a mortgage isn’t as easy as it once was. Restrictions and rules drastically limit options for home buyers and those looking to refinance or renew their mortgages.

Luckily for us, our team of mortgage brokers have sourced out a few options to get around the “stress test” which requires borrowers to qualify either 2% above the contracted rate or using the posted bank rate, whichever is greater (meaning we’re able to secure a larger mortgage).

Lenders are using what we call in the industry, “sliding scales”. These scales determine maximum loan amounts on properties over $1M which seems to be a more normal house price in this day and age. These “sliding scales” are crucial to borrowers trying to buy a home in this price range.

What we’re hearing about the million-dollar home market.

The feedback we’re getting from the general public is that their local lenders and banks are cutting back their loans up to 50% on every dollar borrowed that exceeds $1M.

As a result of this cutback, down-payments of 20% on a $1.5M house can go from $300K to $450K ($150K difference, that’s a lot of dough).

Our team of experienced mortgage brokers can reduce the down-payment on your million-dollar home to as little as 20%. If you are refinancing they can help you access more equity out of your home. We’re able to provide these solutions for both employed and self-employed individuals.

If you are someone looking to buy in this range or own a home in this value range, contact our team to discuss your options – we can help.



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