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I read that as grandfathering existing HELOCs. How do you read that otherwise? Will individuals be able to get into traditional 80% HELOCs prior to the end of the bank's FY? I have a HELOC but it's not readvanceable and I was thinking of changing over. Not sure if I am able to do that now or not.
No clear indication if existing arrangements will be grandfathered. Anyone have a clarification on that??
Also, any word on the grandfathering of existing HELOCs? Or are those above the 65% threshold going to have to amortize anything above 65%?
Guidelines have now been posted and does include at max 65% LTV for HELOCS. Additional lending will be allowed, but that portion will need to be amortized. Anyone have any insight on how this would affect someone undertaking the smith manoeuvre?
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Jun 21, 2012