CTV News - Mortgage Minute
Frank Napolitano tells viewers about a new program set up to assist couples who are separating.
Click here for the full video from CTV Ottawa Morning Live.
This week, Frank Napolitano joins Kurt Stoodley of CTV News to talk about mortgage rates, first-time buyers and a brand new program that assists couples going through a separation.
Among the mortgage regulations that came into effect July 9th was decreasing the maxmum loan to value when refinancing from 85% to 80%. However, couples who are separating will benefit from a new program that allows a refinance to a maximum of 95% loan to value, if one party wishes to continue living in the home. Couples wishing to take advantage of the new program should note that a legal separation must be in place, and can contact an Ottawa Mortgage Broker for more information.