Tuesday, January 18, 2011

Renewing a 40 year Mortgage?

We have been asked the following question:

"Any insight perhaps on how this will affect homeowners who bought their homes and properties at zero down (which has included 40 year amortization at renewal)?"

The answer - According to our mortgage advisers, just renewing a 40 year mortgage will not change the current mortgage contract with the lender BUT should you change the current mortgage contract in any way then the new rules would come into play.  As always check with your mortgage lender to get an answer that applies to your particular situation.  

THE GRANTS

 


Connie Grant

Broker, ACCI, FCCI, CRES, CMOC
Associate of the Canadian Condominium Institute
Fellow of the Canadian Condominium Institute 
Certified Real Estate Specialist
Certified Manager of Condominiums
RE/MAX
 Hall Of Fame

 
Fraser Grant

Broker, CPM, FRI, CMOC, CRP, ACCI, FCCI
Certified Property Manager
Fellow of Real Estate Institute of Canada
Certified Manager of Condominiums
Certified Reserve Fund Planner
Associate of the Canadian Condominium Institute
Fellow of the Canadian Condominium Institute
RE/MAX
 Hall Of Fame
 

RE/MAX Centre City Realty Inc., Brokerage
675 Adelaide St. N.,
London ON  N5Y 2L4

Phone 519.667.1800
Fax     519.667.1958
Toll Free 1.800.667.1801
Email:  sales@the-grants.com 
Web Page: www.the-grants.com




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