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Second Mortgage News
Your Location: Glendora, California
Your Local Referral Agent is:
Your Local Referral Agent is:
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Marc Marchese, AMP Agent #M08003408 Mortgage Planner Mortgage Architects 40 Queen St West Brampton, ON L6X 1A1 Phone: 289.805.0504 Toll-Free: 888.800.3301 Brokerage #10287 Corporate Office: 6505A Mississauga Rd, Mississauga, ON L5N 1A6 |
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Canada’s Finance Minister Jim Flaherty recently announced new rules for Canadian mortgages in order to “protect the stability of the economy”.
The key rule changes are as follows:- The maximum amortization period has been reduced from 35 years to 30 years for CMHC (government) insured mortgages where the loan-to-value ratio exceeds 80%
- The maximum amount that can be borrowed when refinancing a mortgage has been reduced from 90% to 85%
- The government will no longer provide insurance on home equity lines of credit
The first two changes are effective on March 18, 2011. The third change is effective on April 18, 2011.
It is important to note that the rules above do not apply to second mortgages which are arranged with private lenders.
If you would like to refinance your mortgage and you will be affected by the new rules, we can help.
You may be able to qualify for a second mortgage which will allow you to borrow more than the 85% maximum prescribed by the new rules.
Cross Canada Mortgage Brokers has a referral network of mortgage brokers and mortgage agents across Canada who specialize in obtaining both first AND second mortgages for their clients.
Our mortgage specialists have numerous sources of funds available to assist you with your second mortgage.
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