[quote=Kev;2339513]
Quote:
Originally Posted by Mike Oxlong
2. People looking to refinance their mortgage will only be able to refinance up to 90% of the value of their home rather than 95%./quote]
So let's say a home buyer who's home loses enough value over a 5 year mortgage period to be over the 90% mark would have to come up with extra money to renwe their mortgage possibly?
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No a renewal is different than a refinance. I understand where you are coming from though. Generally the lender who currently has your mortgage won't have a problem renewing it even if the value has dropped. If you try to go to a new lender though there is a good chance you may not get approved with them.