Are 30 Year Mortgages Back?
Posted on
April 11, 2024
by
Edmonton Homes
30 Year Mortgages are back.
Starting August 1st, first time home buyers purchasing new home will be allowed to obtain a 30 year amortization instead of 25 years which will help lower your monthly mortgage payments. There are a few catches.
1. Can not be a new build or spec home
2. First time buyer will be anyone who has not owned a home in the last 4 years.
There is also a change to RRSP withdrawals for first-time home buyers. The limit presently is a max withdrawal of $35,000 per person. This is being raised to $60,000. This will take effect April 16th.
Any question, feel free to contact us.
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