--- New Financing Rules ---
Anna Labadze Your Vancouver Realtor 604.782.3552 www.dreamrealestate.ca
Canadian Government announces 3 new rules for home financing, that will take affect April 19, 2010.
Important note: These new rules apply to government-backed insured mortgages only.
* Borrowers will need to qualify for a 5-year fixed rate regardless of what term they choose.
* Borrowers will no longer be able to refinance their homes to 95% of it's value. 90% will be the new
refinance maximum.
* People buying non-owner occupied rental properties will need to put down 20% to get an insured
mortgage, versus 5% previously.
Anna Labadze Your Vancouver Realtor 604.782.3552 www.dreamrealestate.ca
Posted by Anna Labadze
on March 9, 2010