Minister of Finance recently announced changes to high-ratio government guaranteed mortgages. Valerie Buono, Centum Pacific Mortgages

Hi,

As you are aware, the Minister of Finance recently announced changes to high-ratio government guaranteed mortgages.  Below is a brief overview of the changes that will be taking place.

-      Refinances: Maximum loan to value (LTV) is reduced from 95% to 90%.
-      Non-owner occupied Rentals: Max LTV is reduced from 90% to 80% (essentially no longer available under high ratio)
-      Second Homes: Maximum number of units reduced from 2 units to 1 unit.
-      Qualification Rate: (effective April 19th) Borrowers will be qualified using the greater of the 5 year benchmark rate* or the contract rate.  *The benchmark rate is available on the following website: http://www.bankofcanada.ca/en/rates/interest-look.html.  The benchmark rate is only applicable to high ratio deals. Deals with LTV of 80% or less will continue to follow our current qualifying criteria.

Have any questions?  Contact me today for further clarification, I am happy to assist you with all of your mortgage needs.

“looking out for your best interest”.


Sincerely,


Valerie Buono
Mortgage Specialist


CENTUM Pacific Mortgages Inc.
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http://www.valeriebuono.ca
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