Canadian Mortgage Regulations Are Becoming More Strict Making Way For Private Financing
Since 2008 the federal government has made many changes to the mortgage industry making it harder for the average person to attain or refinance their mortgage.
The amortization period has been reduced to 25 years from 40 making monthly payment much higher, limits have been placed on the debt servicing ratios and on home equity lines at the major banks and overall underwriting procedure has become very strict.
The tightening of these guidelines and restrictions has opened up a channel for private financing since the general public can no longer qualify at all major banks.
With amortizations up to 40 years and flexible terms Privatelend.com makes borrowing easy without asking hundreds of questions, we provide that long awaited approval for your refinancing needs.