RESCIND B-20 +2% rule. It’s all about Qualifying for the Monthly Payments

RESCIND B-20 +2% rule. It’s all about Qualifying for the Monthly Payments

 

Yep – the Real Estate Business IS the Finance Business — if you cannot Finance it, you cannot sell it!

Average TREB Price $748,328 – 75% Mortgage =$561,246

Variable Rate Mortgage at at 2.95% means P & I Payments are $2,641.67 + Tax $317 = $3,023 PIT —–Qualifying Gross Family Income is $120.920

Qualifying at Gov’t-approved 5 Year Rate (B20 Rules) of 5.34% means P & I Pymnts are $3,384.87 + Tax $317 = $3,766 PIT ——Qualifying Gross Family Income is $150,640

24.6% Higher Income Required

(61)Mth-Pymts-5y25Ann_Mtge-Jan2019

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