Important Changes to CMHC High Ratio Mortgage Financing

Hi Everyone!

Please note the following important changes just announced by CMHC (effective October 15, 2008):

1) maximum amortization period will be 35 years (previously 40 years)

2) minimum downpayment for a purchase will be 5% (previously 0%)

3) high-ratio home equity lines of credit will no longer be insured by CMHC

Maxine Crawford

Mortgage Consultant

office 905 420-0900

fax 905 420-4826

Joann Visaretis

Joann Visaretis

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
Contact Me