I still get clients that are confused by the recent changes that the Federal Government made to mortgage rules. So here is my "Readers Digest" explanation.
1. Yes anyone can still buy a home for a minimum of 5% down. Plus there are a couple banks that will still do the zero down mortgage too, but you will pay a higher interest rate if you choose that route. Call me at 790-3620 ...
Posted by Pauline Relkey
on March 18, 2011
Click here for the Globe and Mail article. Basically 4 main topics:
1. 35 years is the longest amortization period;
2. if investing you must put 20% minimum down payment;
3.if re-financing you can get 90% of your equity as compared to previous 95%;
4.home buyers must qualify to make payments on a 5 year term, but can still take whatever term they want.
Posted by Pauline Relkey
on February 17, 2010