Changes announced today by Finance Minister Jim Flaherty



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.

  1. 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;
  2. 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;
  3. 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'd like to learn more - attend a free seminar on Thursday night at the Schubert Centre in Vernon at 6:00 pm. Call me at 250-549-2103 to reserve a sit - space is still available.

Paige Gregson

Paige Gregson

REALTORĀ®
CENTURY 21 Executives Realty Ltd.
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