As you may now be aware the mortgage rules are changing effective March 18th, 2011. The most notable change is the reduction of the amortization period from 35 years to 30 years. This follows a previous amortization reduction from 40 years to 35 years.
Now…how does this affect you if you already own a home?
If you currently have an amortization in excess of 30 years this can greatly affect you at the time of your mortgage renewal. As you are also probably aware interest rates will experience some increases over the next couple of years. The question isn’t IF but by how much and how soon. Both of these situations can limit the options that you have available today and tomorrow. Your mortgage is probably the largest single debt you have and properly managing and understanding your options is critical especially in this uncertain environment.
Let me show you the options that are available to you today. Being informed of your choices is the best defense against any uncertainty.
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