The brokers are concerned about a number of the potential rules, but the one that worries them most outlines what banks would have to do when a consumer wants to renew or refinance their mortgage.

The proposed rules suggest that banks recheck areas such as employment status, current income and the current value of the home for renewals and refinancing.

“This would be a significant, significant change,” says Jim Murphy, the head of the Canadian Association of Accredited Mortgage Professionals (CAAMP).

Click here for complete details in the Globe and Mail.

If you are considering refinancing your mortagage in the near future please give me a call, I will help you to create a FREE mortgage plan.

Today’s Refinance Rates…

3 year fixed: 2.94%

5 year fixed: 3.19%

10 year fixed: 3.89%

Free Down Payment: 4.73%

Variable: 2.85%

-Cory Kline (Mortgage Advisor at Neighbourhood Dominion Lending Centres)

Cory@ndlc.ca or 705-794-1283