New Mortgage Rules

1. All borrowers must meet the standards for a 5 year fixed rate mortgage, even if they chose a lower interest or shorter term mortgage.

2. The maximum amount one can withdrawal in re-financing their mortgage will be reduced to 90% from a current 95% of the value of one' home.

3.Non-Owner occupied properties will require a minimum Down payment of 20%

No other changes to current down payment requirements or length of amortization are in effect. 

Marcus Kallweit

Marcus Kallweit

Affiliated Real Estate Agent
CENTURY 21 Home Realty Inc., Brokerage*
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