Mortgage rules have changed

Effective March 18, 2011, it will be more difficult to buy a new home or consolidate your debts into a mortgage.            The Finance Minister Jim Flaherty announced:     - Reduce the maximum amortization period to 30 years from 35 years. - Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85%  from 90%.  - Withdraw government insurance backing on lines of credit .                                                                                                                           Its the opinion of the Finance Minister, that this will encourage Canadian families to save by investing in their homes and the future.                                                                                                                  

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Aubrey Langhorne

Aubrey Langhorne

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