Open House - The Real Estate and Mortgage Show
Steve and Frank are joined by Erin Peck and Sara Orr from the Paul Rushforth Team. This week's topics include changes to lines of credit, refinancing benefits for separating couples and mortgage rates.
On this week's episode of Open House - The Real Estate and Mortgage Show, Steve Gregory and Frank Napolitano are joined by Erin Peck (Sales Representative Selling Partner) and Sara Orr (Closing Manager) from the Paul Rushforth Team.
As of October 31st, lenders will be placing a new restriction on lines of credit. The new regulation will limit borrowing for lines of credit to a maximum of 65% of the home's equity. In this week's Podcast, we learn that one major lender has already implemented the rule, and other lenders are likely to follow suit.
Another lending guideline that is set to be implemented by the end of October deals with mortgage penalties, and making the process of calculation more clear. Once this takes effect, the lenders must disclose the procedure by which the penalty is calculated, a clear description of the factors used in the calculation and an easy formula that allows the mortgage consumer to calculate it themselves. For more information on the new processes, contact an Ottawa Mortgage Broker.