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Mortgage Down Payments: Different But Not So Bad

Good news – the new down payment rules taking effect on February 15, 2016 are a lot better than anticipated. The revised percentages affect properties costing between $500,000 - $1 million. Here's how the new system will work:

• 5% down on the first $500,000
• 10% down on the remainder of the purchase price
• no change to the default insurance premiums (based on overall loan-to-value)
Down payments for properties over $1 million remain unchanged.

How many buyers will be affected? Industry experts feel far fewer than previous speculations, perhaps as low as 4%. In addition, there will be no difference for first-time buyers who traditionally purchase properties costing less than $500,000. The Calgary region could be disproportionately affected as their share of high-ratio mortgages is larger than in other areas.

Some buyers, however, will need to wait in order to save up the difference. These buyers will most likely not affect home prices, especially in high demand areas.

Along with changes to down payments were changes to lender securitization fees and capital requirements. These revisions will raise costs for lenders which will probably be passed down in part or in sum to the mortgage buyers.

Overall, the Canada Mortgage and Housing Corporation (CMHC) was looking to raise Canada Mortgage Bonds (CMB) costs across the board in order to “encourage the development of private market funding alternatives by narrowing the funding cost difference between government-sponsored and private market funding sources”. One effect is that National Housing Act Mortgage-Backed Securities (NHA MBS) have become a better securitizing option than CMB. Although the MBS guarantee limit has increased by $25 billion ($105 billion for 2016) this will not cause further MBS funding or risk. The higher limit is simply compliance with the new requirements.

What impact will these higher costs have on mortgage pricing? The estimates are that the securitization fee change will be between 3-8 basis points. The higher capital requirement will add several more basis points. In sum, experts foresee a 5-10 basis-point rise in mortgage prices as time goes on.

Despite these rises, CMHC feels that “the changes in guarantee fees are not expected to have a material impact on the level of mortgage rates, which remain at historically low levels.”
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Elmore Leonard House For Sale, Bloomfield Estate Of Late Crime Writer Could ... - Huffington Post

Elmore Leonard House For Sale, Bloomfield Estate Of Late Crime Writer Could ... - Huffington Post | Home improvement | Scoop.it
Elmore Leonard House For Sale, Bloomfield Estate Of Late Crime Writer Could ...
Huffington Post
Hardy said seeing Leonard's closet in the master bedroom suite (which has four total rooms) was a revelation.
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Home of the Week Sept. 28: Paradise with a pool in Marcus Pointe - Pensacola News Journal

Home of the Week Sept. 28: Paradise with a pool in Marcus Pointe - Pensacola News Journal | Home improvement | Scoop.it
Home of the Week Sept. 28: Paradise with a pool in Marcus Pointe Pensacola News Journal The residence features three bedrooms, two full baths, a large chef's kitchen, a spacious living area, a two-car garage with a golf cart area and a...
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A Glasnevin home honed with welcomes for €695000 - Irish Times

A Glasnevin home honed with welcomes for €695000 - Irish Times | Home improvement | Scoop.it
A Glasnevin home honed with welcomes for €695000
Irish Times
From the second return you can access the third bedroom, a double, with rear aspect window.
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15 Wonderful Bedroom Closet Design Ideas | Home Design Lover

15 Wonderful Bedroom Closet Design Ideas | Home Design Lover | Home improvement | Scoop.it
Okay, believe it or not, there is this little part of ourselves who are obsessed in organizing. And who does not love closets? Today, we will be showing yo.
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House of the Week: 92 Howland Road, Freetown - Fall River Herald News

House of the Week: 92 Howland Road, Freetown - Fall River Herald News | Home improvement | Scoop.it
House of the Week: 92 Howland Road, Freetown
Fall River Herald News
Upstairs, the master bedroom is huge and boasts a cathedral ceiling. It has beige carpeting and his and hers double closets set in a nook.
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Let's Clean Out My Closet! Organization & De-Cluttering Tips

NEW DECOR POST ON MY BLOG! Check it out! http://makeupbytiffanyd.blogspot.com/2013/08/a-few-home-decor-updates-and-some-fab.html NEW DISCOUNT for my favorite...
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Clarkson Village penthouse a suite with a view - Toronto Star

Clarkson Village penthouse a suite with a view - Toronto Star | Home improvement | Scoop.it
Clarkson Village penthouse a suite with a view
Toronto Star
Spacious and private, the master bedroom is at the opposite end of the suite from the second bedroom.
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How to Organize a Bedroom Closet | Home Cleaning Tips

How to Organize a Bedroom Closet | Home Cleaning Tips | Home improvement | Scoop.it
Learn how to organize a bedroom closet with tips from BountyTowels.com. Find other cleaning tips online.
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How to Choose a Demolition Company « Junk It

How to Choose a Demolition Company « Junk It | Home improvement | Scoop.it
Check Pricing and save $25 OFF when you rent a dumpster online. Call us today at 1-866-586-5486
jeremybenson's insight:

Check out this blog!

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Opulent and Quirky TriBeCa Town House - New York Times

Opulent and Quirky TriBeCa Town House - New York Times | Home improvement | Scoop.it
New York Times Opulent and Quirky TriBeCa Town House New York Times There is a guest bedroom with an en-suite bathroom at the back of the main floor, a fourth bedroom currently used as a playroom for his twin toddlers, and another full bath in the...
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Homegazing: Inside look at Jimmy Jam's former estate on Lake Minnetonka - Minneapolis Star Tribune

Homegazing: Inside look at Jimmy Jam's former estate on Lake Minnetonka - Minneapolis Star Tribune | Home improvement | Scoop.it
Homegazing: Inside look at Jimmy Jam's former estate on Lake Minnetonka Minneapolis Star Tribune Harris' former house, all 23,000 square feet of it, boasts everything you'd imagine in the home of a Grammy-winning mogul: seven bedrooms, 11...
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River views on offer in south Vancouver - Vancouver Sun

River views on offer in south Vancouver - Vancouver Sun | Home improvement | Scoop.it
Vancouver Sun
River views on offer in south Vancouver
Vancouver Sun
The second floor has two bedrooms, including a master bedroom with a large closet and ensuite.
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House Beautiful: Home is where the art is - Victoria Times Colonist

House Beautiful: Home is where the art is - Victoria Times Colonist | Home improvement | Scoop.it
House Beautiful: Home is where the art is
Victoria Times Colonist
Mirrored closet doors in the bedroom let the owners enjoy sea views from anywhere in the room. Photograph by: Debra Brash, Times Colonist.
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Needham Home of the Week: 5 Meetinghouse Circle - Westwood Press

Needham Home of the Week: 5 Meetinghouse Circle - Westwood Press | Home improvement | Scoop.it
Needham Home of the Week: 5 Meetinghouse Circle
Westwood Press
To the left of the fireplace a bedroom features front-facing windows and a walk-in closet. Its en suite bath is tiled and includes a pedestal sink, a walk-in shower and sconce lighting.
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Affordable, stylish Stapleton by Excel - Calgary Sun

Affordable, stylish Stapleton by Excel - Calgary Sun | Home improvement | Scoop.it
Affordable, stylish Stapleton by Excel Calgary Sun “The loft adds about 700 square feet on the upper floor, which has a fourth bedroom with a walk-in closet, a generous bonus room/sitting area, a three-piece bathroom and oversized storage closet.”...
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Tree in a house - The Star Online

Tree in a house - The Star Online | Home improvement | Scoop.it
Tree in a house
The Star Online
“But it was also my bedroom. I thought, 'Let's turn this room into the main feature of the house.
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Twitter / lNVENTlONS: Waterslide in closet ...

Twitter / lNVENTlONS: Waterslide in closet ... | Home improvement | Scoop.it
IS THIS BEDROOM OR SUNWAY LAGOON? "@lNVENTlONS: Waterslide in closet http://t.co/QuCjmSx9BJ"
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