Skott Enns – Skott’s goal isn’t to simply help you get a mortgage with the best mortgage rates, it is to help you figure out a plan to pay off your mortgage as quickly as possible! Has been voted Regina’s best mortgage broker for 2013, 2014, and 2015 & 2016 by Prairie Dog Magazine and named to the Summit 20 group, which means that he is in the Top 20% of all TMG Mortgage Brokers in Canada for the last two years.
If you are looking for honest, unbiased advice from a mortgage broker in Regina they would love to talk with you!
TMG The Mortgage Group Skott Enns is a Trusted Regina Mortgage Broker
Skott sat down with CBC and explained the First Time Home Buyer Incentive program.
In a recent interview with CBC News our Trusted Regina Mortgage Broker Skott Enns sat down and explained the new features of the First Time Home Buyer Incentive Program. In addition Skott goes on to examine some potential pro's and cons with this program. He begins by stating that:
Starting September 3rd for any homes where possession is starting in November if a potential first time home buyer has the minimum 5% down payment, CMHC will provide them with an additional loan of 5% for an existing home or an additional 10% for a new build for the down payment.
He also states that outside of being a first time home buyer the maximum household qualifying income that they can use for mortgage approval is $120,000. per year. So if your household makes more than this you will not qualify for this program. Additionally the largest purchase price for approval is four times the amount of your qualifying income.
Something buyers need to note is that when you do choose to sell the home the monies that CMHC provides will need to be paid back to them though the loan is interest free.
Benefits of the Program
When asked as a mortgage broker what are some of the benefits you see to a program like this Skott detailed his perspective as follows:
- It allows a first time home buyer to keep their cost as low as possible when considering principle and interest payments
- The program will reduce your CMHC premium
Negatives of the program
Skott goes on to outline some potential negatives of the Program:
- People forget - If you sell your house in 10 years you may forget that you need to re pay the loan to CMHC.
- People have general concerns about being in partnership with CMHC who is part of the Federal Government on the biggest investment which is their home.
He adds :
To be honest this is the first bit of good news that we have had in terms of qualifying for a mortgage.
The news coming out about mortgages and from CMHC has been about how difficult the newest changes make it for not just first time home buyers but anybody to qualify for a mortgage. It seems that every change has been making it more and more difficult. But this bit of good new will help keep payment down for a segment of the market.
To find out more watch the entire interview here