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Mortgage Broker News | 01 Jun 2011, 11:00 AM Agree 0
There's strong indication new mortgage rules have begun to cull the number of “habitual refinancers” said one 20-year veteran of the broker industry, suggesting a spike in the number of forced listings should soon follow.
  • LA | 02 Jun 2011, 02:32 AM Agree 0
    35 yr am down to 30 yr am has done absolutely nothing to address the problem, The problem is the consumer debt that is coming afterwards, how about regulating that?!! This is negatively affecting low income responsible perspective home buyers from getting in to the market due to qualifying. What is next, 25 yr am, that will not fix what the problem is either, how about making consumers qualify for that debt and not punish the other 75% of responsible people.
  • James in Whitby | 03 Jun 2011, 12:56 AM Agree 0
    The unfortunate part for some "habitual refinancers" is that they will not change their habit. Their next "fix" will be personal loans supplied by their branch lender. No equity in the home and a huge personal debt load to match. Credit cards racked up again shortly thereafter and then down to the payday loan shop. Thanks again Minister Flaherty for leaving out a boost to credit education in your measures to attack increasing personal debt load. Didn't somebody once say its better to teach a man to fish ... ?
  • Eric Putnam | 03 Jun 2011, 12:59 AM Agree 0
    Unfortunately at Debt Coach Canada we have seen hundreds who have used their home as a "piggy bank" to refinance too many times and then kept on spending on SAME cards or others unsecured debts as they did not have a real financial plan or education to implement one. Combining a refinance to consolidate debt is often a viable solution to achieve the consumer goals when combined with financial coaching from a professional and realisitic goals and spending habits by the consumer.
  • Wayne Campbell AMP, Invis - Prince George | 03 Jul 2011, 08:14 AM Agree 0
    The real problem is not the home or the mortgage. It's people getting way over their head with credit card debt, long before they realize the hole they are in. Requiring minimum payments to be 10% of the balance would solve the problem.
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