Last week, Canada’s banking regulator unveiled new rules that will govern how borrowers may use Home Equity Lines of Credit (HELOCs). The new guidelines unveiled by the Office of the Superintendent of Financial Institutions (OSFI) will affect re-advanceable mortgages, specifically those where the outstanding balance is greater than a 65% loan-to-value (LTV).

Searching for a new home can be an overwhelming & emotional process, and adding financing into the mix can make the home buying process difficult to manage. Along with the open houses, viewings & multiple offer situations, realtors and mortgage brokers are throwing around enough home and financing terminology to make your head spin. Lucky for you, your local Langley Mortgage Broker is on your side. If you are in the market for a mortgage, or are struggling to understand the terms of your mortgage call Karen Canning today. Our mission is to educate our clients on all details and aspects of their mortgage to ensure they are knowledgeable about the product they are investing in.

Whether you’re looking for a mortgage for a new home, refinance, or early renewal, there are many useful tools at your disposal to give an accurate gauge on what your monthly payments may be. Understanding your mortgage payments and having an idea of what you may be able to afford on a monthly basis is a big step in determining whether a home, and the associated mortgage, is right for you