Phone: 506-866-4654
Toll Free: 866-585-2022

Summer is here; New Mortgage Rules & Firstline Mortgages shuts down!!

The sun is shinning, Firstline Mortgages decides to shut down their business while Jim Flaherty kicks off the summer with new mortgage rules ( Effective July 9th)!

Yes, here it is; New changes… again


Firstline, division of CIBC, shuts down:  The Former # 1 Lender in the broker market decided to sell their brand earlier this year.  Without being able to complete the sale successfully, they decided to close their doors.

What does this mean to the consumer?

It is business as usual until the mortgage is up for renewal.   When the mortgage is up for renewal, their strategy (to the best of our knowledge) is that CIBC retention team will contact the clients.


At Expert Mortgage Group, we will also offer all the options available for your mortgage.  We analyze the market daily and we are here to help!  Not just for your term but for the life of your mortgage!


New Mortgage Rules:

New rules recently were:

  • Reduction to the maximum amortization to 25 years.   This means that your maximum insured mortgage will be capped to 25 years to pay it off!

Recommendation:  if you need that smaller payment, get approved now!

  • Reduction to a maximum refinance to 80% of the value of your home on insured mortgages (compared to 85% of the value now).  This means that if your home is worth 200 000$, you can refinance up to 170 000$.  With the new changes, you will be capped at 160 000$ (80%).

Recommendation:  If you have some renovations to do, do them now if you need the most equity out of your home.  If you are buying a house, do a purchase plus improvements when you buy the house, as you will not be able to refinance until you are below 80% of the value of your house!

  • Home Equity Line of Credit (HELOC) will be reduced to 65% of the value of the home (from 80% now).

Recommendation: If you want a HELOC to 80%, get it approved and funded now!


At times like these, we, at Expert Mortgage Group, pride ourselves in having access to over 30 lenders across the country to offer you the best service, best products and best rates!

If you have any concerns or questions, do not hesitate to contact Expert Mortgage Group at 1 866 585 2022 or via email at

Our bilingual team of mortgage agents is ready to serve you!

Thank you,

Mathieu McCaie


* The information provided was to the best of our knowledge as of June 21st, 2012 at 10.15AM.