New Canadian Mortgage Rules come into Effect Today March 18/2011

New Canadian Mortgage Rules | Effective March 18th, 2011

  1. Reduce the maximum amortization period to 30 years (from 35 years) for new government-backed insured mortgages with loan-to-value ratios of more than 80%
  2. Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85% (from 90%) of the value of their homes
  3. Withdraw government insurance backing on lines of credit secured by homes; such as home equity lines of credit or HELOCs

 

 

Daniella Aitken

Daniella Aitken

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