February 7, 2011

New Lending Rules - Reduced Amortization

Rates are moving up today, says Chris Murphy of Dominion Lending Centre Kelowna, to as high as 4.24% 5 year fixed. No changes to Variable rates.

Lenders are finally announcing clients have up to 120 days from date of purchase contract to keep the 35 year amortization IF submitted for a fully accepted mortgage approval prior to March 17th.

After the 120 days, clients will make payments on 30 year amortization.

Call Chris Murphy and staff with any questions or concerns at 250-717-5050.  (Dominion Lending Centre Kelowna office, located in the RE/MAX Kelowna building on Harvey & Burtch.)