New Mortgage Rules take effect on Friday March 18 ,2011

Tougher mortgage rules take effect on Friday. The new leading rule changes on insured mortgages are;

1) Maximum amortiztion changed from 35 years to 30 years.

2) Maximum advance on refinancing your home reduced from 90% to 85%.

The upside to these changes is that the new rules will help to reduce the interest that Canadians pay.

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Cheryl Kopko

Cheryl Kopko

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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