Andrew Miller, Sales Representative

RE/MAX Hallmark Realty Group‎, Brokerage

613-447-7669  |  Email Andrew

Mortgage Updates

Well last week the government announced yet again that they are going to be making some changes this coming March 18th. A lot of my clients have been asking what these changes are and how they will be affected. In short here’s what we are looking at:

1. the maximum amortization is now 30 years on insured products having less than 20% down. For conventional mortgages 35 year amortization should continue to be available.

2. when refinancing your home, the limit has been lowered to 85% of the appraised value.(where it was 90%)

3. The government will no longer insurance lines of credit secured by homes (this rule will take affect on April 18th)

4. for purchases, people can continue to buy with as little as 5% down (self-employed individuals require 10% down)

Well that’s it for today folks. Stay warm out there!

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Meet Your Next Realtor, Andrew Miller

Born and raised in the Ottawa area, with years of experience in the Real Estate industry, I have the tools needed to get you started on your next move. Be it buying or selling, I am confident that from your first home, to your dream home, I can help make your dreams become a Reality................ Read More

"I'm so happy that we had decided to go with Andrew Miller to help us find our dreamhome. He knew all the neighborhoods we were searching in very well, and provided us with lots of information on past home sales to make sure that we got a good price on the home. Couldn't have did it without you! Thanks!"

Kelly Sheffield