ATTENTION FIRST TIME BUYERS, INVESTORS AND ALL OTHERS THINKING OF BUYING A HOME.GET THE FACTS REGARDING MORTGAGES. 3 MAJOR CHANGES WILL BE IN EFFECT AS OF APRIL 19, 2010.
MORTGAGE INSURANCE RULES ANNOUNCEMENT
This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010.
- All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
- The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
- Non-owner occupied properties will require a minimum down payment of 20%.
There were no changes to down payment requirements or length of amortizations for owner-occupied residences.
If you have any clients that have been thinking about Investment properties, pass this important email along OR.....
Tell them to attend LendingMax's free Homebuyer Seminar this Thursday, the 18th of February at the Schubert Centre @ 6pm. (see attachment)
There is still room left. Call 250-260-6740 to reserve your seat.
Cell 250-260-0329 Fax 260-3891