This letter is directed towards anyone who owns a home, or is looking to buy a home in the next couple of months.

After this Friday the new mortgage rules take effect.

The maximum amortization period (the length of time you have to pay back your mortgage) will be reduced from 35yrs to 30yrs for new mortgages with less than 20% as a down payment.

                – This means that mortgages will be more expensive for first time home buyers who need that extra 5 years to pay off their mortgage. 

 The maximum amount that you can borrow when refinancing will be reduced from 90% to 85% of the value of your home.

If you have any questions, or are interested in taking advantage of some of the lowest rates in history to consolidate high interest credit card debt please contact me ASAP. Due to a high volume of people waiting until the last minute, the earlier in the week you contact me the better.