Quote:
Originally Posted by chemgear
Sounds like it might be a done deal:
http://www.canadianmortgagetrends.co...to-values.html
We’re hearing from multiple sources that a 65% loan-to-value maximum is now a done deal for HELOCs.
The HELOC LTV limit is currently 80%.
Most (but not all) banks are reportedly supporting the measure. Although, bank execs are known to say different things in private than they do in front of regulators. |
The only thing that shocks me here is that in this link it looks like they won't grandfather this either. I would imagine that there are a lot of mortgage brokers and banks who are somewhat excited at the prospect? I have no idea what that market size would be, but they could write a ton of new mortgages here with a flood of people who need to drop their current HELOCs I would guess?
I don't begrudge them anything in the sense that they will likely lose out on some business going forward, and its not like they have been campaigning for this change, but I can see some guys benefiting from that change.