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