These changes take effect in 60 days. If you have any clients that are on the fence, now is the time to have them pre approved before the deadline. The news could be worse, no change to the 5% down payment. Three main components are as follows:
1. 35 year amortization eliminated, maximum is now 30 years
2. Refinancing reduced to 85% from 90%
3. Restrictions on mortgage insurance coverage for Home Equity Lines of Credit
Regards
Kathi Moyer
Remax West Realty Inc.
416-724-3400
www.postinstallers.com