Reminder - Mortgage Changes Coming Into Effect Soon
I have been getting numerous emails and calls regarding the new mortgage regulations coming into effect March 18th, 2011.
I wanted to send out a reminder that if you or a client of yours is Purchasing a Home (especially if they are first time home buyers) or Refinancing, now is the time to call our office and get pre-approved to avoid these changes should they potentially apply.
Below are the New Regulations again and some Q&A's. If you have ANY questions, please do not hesitate to call. Better to be safe.
Changes are as follows:
• Maximum amortization is decreasing down from 35 years to 30 years.
• Maximum Equity Take out is decreasing from 90% to 85%.
Q: Does the mortgage either a purchase or refinance have to close by March 18th.
A: No, it has to be a firm contract and approved before March 18th, however it can close after.
Q: I have a pre-approval but I haven’t found a home before March 18th, how does this affect me?
A: it has to be a firm contract in place before the 18th, however it can close after the 18th.
Q: I have a 40 year amortization and when it comes up for renewal will I get a 30 year amortization or 35 year?
A: You will get a 35 year amortization.
Q: I’m in a 35 year amortization and would like to refinance some other debt into my mortgage?
A: if we get it approved before March 18th 35 year will be available, after the 18th it will be 30 year.
Q: I’m thinking of porting my mortgage over to another home I’ve bought as I’ve sold mine, what happens?
A: Each lender seems to have a different policy on this, if you are thinking of selling and porting your mortgage please let me know and I will find out.
I’ve done my research however until you or your clients apply to a lender, they of course have the last word (my disclaimer), we cannot get a firm approval. So the application needs to get in sooner rather than later. Apply now
What to do now?
If you or your clients are considering making ANY mortgage changes or purchasing a home, call our office at 604 536-3802 NOW to a determine the best course of action.
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