Changes to mortgage lending policies

Changes to mortgage lending policies was announced by Jim Flaherty. Borrowers will be required to meet the standards of a five year fixed rate mortgage. You will still be able to get an open or variable rate. The maximum amount that Canadians will be allowed to withdraw  when refinancing their mortgages will be lowered from 95% to 90% of the value of their homes. You also need a 20% down payment on all CMHC insured mortgages on non-owner occupied properties/ revenue properties. These changes are to take effect on April 19th , 2010. Now's the time folks!

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Daniel Forde

Daniel Forde

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