New Mortgage Rules Make it Hard to Refinance

The new mortgage rule changes announced recently by Ottawa and taking effect March 18, 2011 has two important changes for cash strapped, debt ridden home owners.

1. Maximum equity take out will be reduced to a maximum of 85% of your homes appraised value down from 90%.
   
2. Maximum amortization will be reduced to 30 years, down from 35 years.

The first important change is the maximum loan to value (LTV) that you can refinance to. This limits the amount of available equity accessible by you, the home owner. The ability to refinance your home to access equity to reduce consumer debt will now be limited to 85% of your homes value, down from 90% and 95% two years ago.

The second important change made by Ottawa to the mortgage rules reduces the maximum amortization on your mortgage. This will result in the inability to extend your amortization to further reduce your monthly mortgage payments to aid in increased cash flow.

What does this mean for you cash strapped, debt ridden home owners? If you have been thinking of using your homes equity to consolidate your consumer debt and you don’t have a lot of equity in your home, the time to refinance is NOW.

If you are only paying your minimum balances and are struggling to make ends meet month after month. Now is the time to seek help before the Ottawa’s New Mortgage Rules take effect and Interest Rates Rise.

All you have to do is complete the short form application to your right for a Fast Assessment and/or Approval of your Alternative and Private Mortgage application.

Unsure What To Do Next?

Discover How We Can Help You Save Time, Money and Hassle getting ALTERNATIVE and PRIVATE MORTGAGES with A Free Consultation.

In your free consultation you will discover…

• How to ensure quick approval for your financing
• How to qualify for easy and comfortable monthly payments
• How to avoid the costly financing pitfalls
• How to get the required financing you need and deserve

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