--- 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

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