EstateVue has received some questions regarding the new mortgage rule changes that have occurred in the past few months. This is a reminder and tutorial on how to make these changes in your EV website.In case you require a refresher, we have listed the recent changes to mortgage rules below:
- The maximum amortization period for insured mortgages with loan-to-value ratios of more than 80% have been reduced from 35 years to 30 years
- Federal rules have reduced the maximum amount that can be borrowed in refinancing their mortgages, from 90 per cent to 85 per cent
- Lastly, government insurance backing on home equity lines of credit (HELOCs) is no longer available
Please note the above changes, we highly recommend that if they have not already been incorporated into your website, that you do so. If you're using EstateVue's pre-written page titled "Obtaining a Mortgage", this applies to you. To add these changes, please follow the instructions below on how to change text elements in your website:
- To change text in your website, hover over its menu icon on the right, and a menu will appear. Click “Edit Content”.
2. You can now edit the contents of the text element right on the page; use the toolbar to change font, size colour, and style. Please notify us if you encounter any technical difficulties in this process.
Photo Credit: Mikael Altemark