CTV News - Mortgage Minute
Ottawa Mortgage Broker Frank Napolitano sits with Kurt Stoodley to talk about changes to Home Equity Lines of Credit.
Click here for the full video from CTV Ottawa Morning Live.
As of October 31st of this year, new lending regulations will limit the amount for Home Equity Lines of Credit (HELOCs) from 80% to 65% of the home's equity. Although two months remain until the deadline to put the regulation into effect, we learn that two major lenders have implemented it already. It is believed other lenders will soon follow suit.
In this video, Ottawa Mortgage Broker Frank Napolitano sits with Kurt Stoodley to discuss the new regulation, and the effects on Canadians who have built equity in their home with the intention to use it to fund investment properties. In light of recent reports regarding Canadian household debt levels reaching a new high, the pair also discuss what is fuelling the increase in non-mortgage debt.