One of the notable changes that took place is the specificity of mortgages. Before, there were simple tiers for financing. After the changes were applied, financing rules now vary from borrower to borrower. It is in times like these that you really need the help of an experienced mortgage broker.
A mortgage broker is a professional who can help you land your perfect home by helping you find the best financing options for the property. Apart from finding you the best deals, the broker can also assist you by negotiating rates. He will also help you file paperwork from the application phase to the time when you need to settle payments to the lender.
As of the beginning of the fourth quarter in 2016, the primary changes to mortgage regulations include the abolishment of refinancing options for borrowers.
Now this is rather problematic especially when there are people who have no control over the turn of their finances. Refinancing provides them with the opportunity to apply for new funding should emergency situations arise and they are unable to meet payments.
The reduction of amortization to 25 years is another step in the wrong direction. Usually, the maximum is set at 30 years. With this reduction, borrowers no longer have a better option to extend payment terms and reduce their monthly mortgage obligations.