Ottawa tightens mortgage rules to avert household debt crisis

Interesting rule changes coming forth in early July effecting mortgages.
 - amortization period reduced from 30 years to now a maximum of 25 years
 - refinance of existing residences cannot exceed 80% of the value from 85%
 - TDSR (calculation in affordability) cannot exceed 39% from 40%
 - home purchases over $1mm cannot be subject to CMHC insurance any longer
 
These rule changes come into play on July 9th so if you have clients who may be affected by these upcoming changes it best you get them in to see me right away so we can lock them into our system prior to the 9th.
 

Doren QuintonOwner/Agent Century 21 Desert Hills Realty
Direct Line:  250-319-9765
Office:  250-377-3030
Email:  doren.quinton@century21.ca
Website:  www.kamloopscashbackhomes.com

 
 
Posted by Doren Quinton on June 21, 2012

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Doren Quinton

Doren Quinton

Owner
CENTURY 21 Desert Hills Realty (2010) Ltd.
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