Wanting to stay on top of any changes to the rules for government insured mortgages, Tanya discusses a couple of key points…
Tanya Rankin: Good morning it’s Tanya Rankin in rainy Williams Lake this morning. I wanted to talk to you about those government rules that are taking about changing with respect to the mortgages probably you’ve heard a little bit about it on the news and I just thought I do a really quick sum it up for you. It’s gonna be effective as of March 18th and the really only big changes that I feel are worth mentioning is they’re gonna reduce the number of years you allow to amortize your market over from 35 to 30 which is probably a good thing just means your home will get paid for that much sooner and they’re also reducing the amount of equity that you can lever against your home if you have a certain amount paid off and you want to borrow against that money. They’re reducing that from a 90% ratio to an 85% ratio which again I think probably is over all a fair thing. I think here in Williams Lake those changes are gonna make a big change whether your buying or selling. I don’t anticipate it to actually make any effect in the market here or people’s decision making process. The 30 year amortization will mean that you can afford maybe quite as much of the monthly payment but other than that it’s not gonna change things too much. So if you have any questions at all you can send me an email to tanya@tanyarankin.com and I hope you have a great week!