November 8, 2018

A quiet rule change will make it tougher for Canadians with a HELOC to get a second mortgage

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Lenders often try to approve borrowers for the maximum amount, says broker Shawn Stillman, of Mortgage Outlet. “Banks have been pushing HELOCs for years,” he says. (To be fair, a lot of brokers push HELOCs, too.)

“It’s very hypocritical that banks have been promoting lines of credit and telling people, “Don’t worry, this big HELOC will never impact you. And now the banks are changing the rules of the game…”

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