29 November 2011

Level of refinances is down by 31% according to CMHC

According to CMHC latest release, refinance activity remains down
compared to last year before new mortgage rules, introduced this spring,
capped refi amount at 85% from property value. However, in our office
we don’t see such a drop in refinances, since most of the clients were
simply confused with new rules and after proper explanation and
assessment were able to complete refinance transaction for various
purposes (i.e. renovation, purchase of investment property, major debts
payout or simply rate reduction on existing mortgage)…
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