Page 14 - March Market Update digital
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HELOC’s capped at 65% but some
exceptions may apply...
Earlier this month marked the beginning of the end of 80% loan
to value HELOCs.
Several Banks and of the Finan- stitutions are affected. Provincially ltv as long at you have at least
cial Institutions began to cut back regulated FI’s aren’t affected… 15% of your balance in an amor-
the maximum LTV from 80% to tized payment schedule, and not
65% as per OSFI’s regulations. Credit Unions don’t fall under interest only payments.....
But there are a few loopholes OSFI’s rule… there are
in the new rules…. still some Credit Unions
The good news is that existing offering HELOCs to
HELOC clients don’t have to 75% and even 80% loan
worry.. these changes don’t apply to value.
to them. Some of the Banks are
OSFI is allowing them to keep still offering a combina-
their HELOCs at 80%…. tion of a HELOC and a
Only OSFI regulated Financial In- mortgage of up to 80%
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