Rules for amortization and loan to value (LTV), effective March 18th, 2011 are as follows:
• Reduce the maximum amortization period to 30 years from 35 years at high ratio (>80% LTV)
• Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes.
Rules on Line of Credit (HELOC), effective April 18, 2011, as follows:
•Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This means you will not be able to obtain line of credit at 80% LTV or higher (some lenders cap loan to value for HELOC at 75% LTV or lower before this rule anyway)
For further questions, dont’ hesitate to email us at cchien@mortgagegrp.com about how this rule may affect your buying decision and qualifications
I got news from newspaper recently , the housing price will stay at this level for a few years. The intereste rate will keep at this lower level. The only thing now is the Rule is more hight than before, but if you have 20% down payment to buy a house, it looks no effects for you. 作者: wenjiabao101 时间: 2011-2-23 18:32 标题: 回复 6# 的帖子
，你说的太对了！他们就是来回忽悠，赚你钱而已。