So far, the most popular question we’ve seen following Friday’s mortgage rule changes is:
Can I switch lenders if my loan-to-value is over 85% and my amortization is over 30 years?
The answer is yes, as long as your amortization, mortgage amount, and LTV don’t increase.
Even if you got a 40-year amortization (or 100% financing) pre-2009, you can still switch lenders if you qualify.
That said, not all lenders will accept transfers on amortizations over 30-35 years (or LTVs over 90-95%), so check with your mortgage adviser to find out who does.
Good to know! This is exactly the answer I was looking for :) Thank you!
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