Feeling Verklempt about the recent mortgage rates ?
Apparently the Lone Ranger and Tonto are apparently riding to your rescue.
The Government intends to introduce a New Canadian Mortgage Charter.
Salient points:
1: Extended Mortgage Amortization Periods.
2: Allowing borrowers to switch lenders under the insured qualifying minimum rate.
3: Eliminate superfluous banking charges. (minimal penalties)
4: Homeowners at “risk” can sell their principal residence without prepayment penalties.
5: Homeowners in default can make lump payments without penalty.
6: Banks would forfeit on the ability to charge interest on interest charges resulting from a “temporary period of negative amortization”.
7: The Federal Government via the banks will also apparently make all eligible mortgage holders aware of their options 3 to 6 months in advance of their mortgage maturing.
8: Mandatory appraisal on Insured mortgages, { residential properties financing > 80 %).
If you feel that these basic points might require a review by a Philadelphia lawyer you would not be alone.
Meanwhile for additional insight email or call HCR or AA.