Tanya Rankin video blogs about the new mortgage rules that went into effect on July 9, 2012.
Tanya Rankin: Hi, it’s Tanya Rankin in Williams Lake. You may have heard a bit of talk about the changes to the new mortgage rules. They went into effect on July 9th, but don’t panic there’s not a lot of huge changes. The one thing that changed is the amount of maximum amortization went down to 25 years from 30, so makes a little bit of a difference but it’s not outrageous. The 5% down is standing, its staying the same so that not going to change. The other thing that’s not quite as prevalent to most people but of course sometimes still used a lot is the amount that they will allow you to borrow against the equity in your home. It used to be to a maximum of 85% as of July the 9th is has gone down to 80%, so if you were going to do a refinance or add anything into the mortgage or use that as leverage to purchase another property it has slightly changed. If you have any questions send me an email anytime to firstname.lastname@example.org and I hope you have a fantastic week.