MORTGAGE NEWS FROM NICK BURZESE – MORTGAGE ARCHITECTS
HEADS UP
Last month I spoke about the maximum amortization period going from 35 years to 30 years for insured mortgages (less than 20% down payment or equity). At that time the indications were that the lenders would still allow a 35 year amortization on non insured mortgages.
This week several lenders indicated that they have decided to also reduce the maximum amortization period on their conventional products. This will not impact most people but it is something to consider if you are looking to upgrade your home or are looking to consolidate some debts which is the topic for this months newsletter. Spring clean your debt to improve cash flow, save on your interest costs and get out of debt sooner. Mortgage interest rates are still near historically low levels but the same is not true for credit card rates. If you are running balances on your credit cards it may make sense to consolidate these debts into your mortgage.
If you want to review your situation, please give me a call at 604.351.6424.
