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Give me some Numbers!

July 4, 2012

Monthly Payments and total Interest Savings Resulting from a Reduction in the Amortization Periods to 25 years for a Mortgage Loan of $230,000

30 yr. Am.
25 yr. Am.
Difference in
Monthly Payment
25 yr. vs. 30 yr.
Interest Savings -
25 yr. vs. 30 yr.

3 %





4 %





5 %





Numbers example of Maximum Refinancing Amount to 80 percent of the Loan to Value

As an illustration, for a home valued at $350,000, refinancing at 85% would allow the homeowner to access up to $297,500, whereas refinancing at 80% would allow the homeowner to access up to $280,000.  The lower refinancing limit means homeowners will keep an additional $17,500 in the equity of their home while saving a possible $5,200 added in insurance premiums because the mortgage was more than 80% of the value of the home.  BUT it is going to leave $17,500 in unpaid credit card debt possibly at a very high interest rate... and monthly payment.

Implementation of the New Framework

These adjustments will come into force on July 9, 2012.  Expectations would be allowed to satisfy a binding purchase and sale, financing or refinancing agreement where a mortgage insurance application has been made before July 9, 2012.  While the changes announced come into force on July 9, 2012 any mortgage insurance applications received after June 21, 2012 and before July 9, 2012 that do not conform to the measures announced today must be funded by December 31, 2012.

Federally regulated lenders have until “no later than fiscal year end 2012” to comply with the guidelines.  Basically October 31, 2012***