Clearing up misconceptions about the March 18th rule changes

Today I was speaking with an underwriter from a Calgary mortgage company. She said that she was swamped with mortgage applications all with a March 18th possession date. I guess their mortgage brokers did not take note of what is happening on March 18th. The rules clearly state that if you want a 35 year amortization for your mortgage or if you want to refinance and take out up to 90% of the value of your home, the deal must be in place by March 18th. This means that the paperwork must be in the lenders hands by March 18th. A possession date of April 30th would be acceptable. Frankly in our Canadian climate I would not want to be moving in March. You may be moving your sofa in snow or sleet. Ice on the sidewalk is a definite possibility.
If you have your eye on a property get an offer in now. Don't worry about having to take possession by the 18th. You still have time. If you have any questions contact me at 403-836-1201or visit my website at Mortgage Alliance