The Federal Government has made changes to the parameters for high ratio mortgages. The 2 big changes that may affect our members include the following:
-Maximum amortization to be reduced from 30 years to 25 years
-Maximum refinance reduced from 85% to 80% LTV (Loan To Value)ratio
Energy CU Members may want to consider refinancing their Mortgages prior to July 9th to take advantage of the additional 5% equity, before these new changes come into effect. If you have any questions please do not hesitate to give our lenders a call and you can take advantage of our Mortgage Special 5 yr Fixed at 3.29% APR. Call today at 416-542-2522.
