The Canadian Governement has changes the lending rules once again. As of Monday, January 17, 2011, the new amoratization was changed from 35 years to 30 years. This may not seem like such a big change but once you start doing the numbers, this may make a big difference from what your current payment is once you renew. It will also affect the amount that you may want to spend on a new mortgage, as it raises your monthly payments.
The other changes that have been made are the amount of equity that you may take out or the amount borrowed from 85% down to 90%. This may make a difference for anyone who is looking to take out money for reno's or to free up some money.
For more info, please feel free to contact Kristy at 780-940-7604