1. All borrowers must meet the standards for a 5 year fixed rate mortgage, even if they chose a lower interest or shorter term mortgage.
2. The maximum amount one can withdrawal in re-financing their mortgage will be reduced to 90% from a current 95% of the value of one' home.
3.Non-Owner occupied properties will require a minimum Down payment of 20%
No other changes to current down payment ...
Posted by Marcus Kallweit
on February 18, 2010
Real Estate is said to be very busy in the first half in 2010.
Reasons are that the interest rates most likely will go up, they most likely will not continue to be at this record low.
Second reason is the implementation of the HST starting July 2010
For the average Ontario home priced at around $ 300,000.00 the HST will add around $ 1500.00 to closing costs.
If you think you should wait a little ...
Posted by Marcus Kallweit
on February 5, 2010