CTV News - Mortgage Minute
Mortgage Broker Frank Napolitano sits with Kurt Stoodley from CTV to talk mortgage rates and recent changes to the mortgage market.
Click here for the full video from CTV Ottawa Morning Live.
In the recent months, there have been many changes and new guidelines put into effect in the mortgage market. The most recent, aimed at taming Home Equity Lines of Credit, has limited the maximum loan to value to 65%. (The former maximum was 80%.) Since the impending change was announced, several lenders have implemented it early, but the regulation is now in effect for all lenders.
Frank also takes some time to talk about mortgages for the self-employed. Although the process to qualify for a mortgage in this case is slightly more complicated, Frank reminds applicants that it is still possible. Talk to an Ottawa Mortgage Broker who can navigate the process, handle the negotiations with the lender, and find the best rate with the terms that work for you.