With Change There Are Always Possibilities

Our government has definitely had its hand in the mortgage industry over the last several years. We’ve seen the extended amortization reduced down to 30 years, 100% loan to value mortgages disappear, refinances capped at 85% of the value of your home, interest only payment mortgages gone and mortgages on rental properties now to a maximum 80% of the value of the property.  Now there is talk of reducing the maximum amount you can borrow on a home equity lines of credit to 65% of the value of your home down from the current 80%.

Aren’t all these changes enough already? How much tighter will the government make it to borrow mortgage money? Now as per the latest federal budget, Finance Minister Mr. Flaherty has the Office of the Superintendent of Financial Institutions overseeing the operations of Canada Mortgage and Housing Corporation (CMHC). This could possibly mean even more changes and restrictions in the not to distant future.

The Good News

As a full time mortgage professional and with the widest selection of options available in the Canadian mortgage market, my responsibility is to keep you well informed of the changes and find all the possibilities. If you know of someone that has equity in their home, now might be the best time ever to tap into it for debt consolidation, purchase another home or start investing. With my knowledge and expertise of what is available today, I promise to work in your best interest.

If you or someone you know has questions and can use my expertise then call or email today and let me show you the possibilities. 

Deepa Krishnan

Mortgage Agent
Mortgage Alliance
Lic # M10002216
Ph: 416-319-8963
Fax: 1888-893-4058
 

"Preparing for your better Future"