Changes in the lending rules

As most know, the new lending changes effective March 18, 2011 are:

1)      Maximum amortization period reduced from 35 to 30 years for new insured mortgages with loan-to- value ratios of more than 80 per cent.

2)      Maximum amount Canadians can borrow when refinancing a 1 – 4 unit owner-occupied property is reduced from 90 to 85 per cent of the value of their homes.

Nick Harvey

Nick Harvey

Sales Representative
CENTURY 21 Trident Realty Ltd.
Contact Me

Blog Archives