Print

Regulatory Changes to Mortgages are coming soon!

Regulatory Changes to Mortgages are coming soon! | Articles | Kelowna Mortgages
The Mortgage Mama
In This Issue
Amortization Changes
Refinancing Changes
Line of Credit Changes
Quick Links


Join Our Mailing List

Find me on Facebook
Government Regulatory Changes for Mortgages will take effect March 18th.  Read how these changes will affect you.

Amortization

Current Amortization for Insured Mortgages - 35 YEARS

Amortization for Ins. Mortgages - March 18th - 30 YEARS

 

What does this mean to you?

1. Your payments will increase 

2. Your buying power will decrease by approximately 5%

3. You will pay less interest over the life of your mortgage

 

Example:

35 Year Am:

$400,00 mortgage with 5% down payment 

3.99% Interest/5 year Term

Mthly Payment: 1760.85  

Balance after 5 year term: 370,742.64

Income Required (no other debts): $79,000   

 

30 Year Am: 

$400,00 mortgage with 5% down payment 

3.99% Interest/5 year Term

Mthly Payment: 1899.81

Balance after 5 year term: 361,539.68

Income Required (no other debts): $84,500 

 

Maximum mortgage, $79,000 Income after Mar.18th:  $369,871           

 

Wanting to purchase in the next four months?  Call today and obtain a pre-approval rate hold and a 35 year amortization.

Refinancing

Current Loan to Value Permited: 90%

Loan to Value - March 18th: 85%

 

This means whether you are refinancing early to obtain a better rate, consolidate debts, make investments, etc., or your mortgage is ready for renewal, you will only be permitted to mortgage a maximum of 85% of the value of your home.  5% less will be available to you.

 

Paying too much interest on those credit cards?  Call today and save money by refinancing your mortgage and paying off those high interest debts.

Insured Line of Credits

 

Line of Credits will no longer be insured after March 18th. 

For more information please contact

Carol Dorn - The Mortgage Mama  

 

 

Remember, my services are free.  I provide the knowledge needed to make wise financial decisions.

 
Sincerely,

Photo
Carol Dorn, AMP
The Mortgage Mama

Don't Keep Me A Secret - I Love Referrals!

 

250-808-5521  Toll Free: 1-877-808-5521 

 Mortgage Centre Logo

#103-1553 Harvey Ave., Kelowna, BC  V1Y 6G1