New Mortgage Rule

Some of you may have heard the recent changes to our mortgage rules. The changes will take effect within 60 days of the announcement and they are as follows: 


1)        Maximum mortgage amortization will go from 35 years down to 30 years. (the difference works out to an extra $30 more per month for every $100,000 borrowed)

2)       The maximum you can refinance will go down from 90% to 85% of the value of the home

3)       CMHC will no longer support Home Equity Lines of Credit (if a client wants a line of credit to purchase, they must have 20% for down payment)


Note: If you are a first time home buyer and seriously thinking of getting into home ownership, now is the time to do so! Mortgage pre-qualification will never gonna get any easier!

If you have any questions about these changes please contact me.  I’m always willing to help!


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Alex Macale

Alex Macale

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
Contact Me