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August 2012

Found 1 blog entry for August 2012.

Bob Alexander on Mon, Aug 27, 2012 wrote:

Hope you are all enjoying the summer and getting ready to get back to normal routines.
Back in July, the Canadian Government made changes to the mortgage lending rules and I would like to review four financing situations that highlight how much impact these changes have going forward.

1) Nullified Switch

The Facts: Your existing mortgage with a remaining amortization of more than 25 years is up for renewal. You have less than 20 percent equity. You have found another lender with a great rate but your gross debts exceed 39% of your income.

The new reality: Kiss the better rate goodbye. Only your existing lender with the higher rate can re-lend without re-qualifying you.


2) Consolidation Blues

The Facts:

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