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Sean Bryant

Broker of Record

Professional Group Inc., Brokerage*

32 Charing Cross Street

Brantford, ONN3R 2H2

sean.bryant@century21.ca
Office: 519-756-3900
Office Fax: 519-756-3114
Direct: 519-865-1339
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New Mortgage Rules

Yesterday the Federal Government announced new rules for residential mortgages. These changes apply to High Ratio mortgages at this time ( less that 20% down ). As far as purchasers are concerned the only change is the amortization.

Beginning on March 18th the maximum amortization will be 30 years instead of 35. On a purchase of $200,000 with 5% down that would be a change of about $67 monthly using a 5 yr fixed rate.

Any applications submitted and approved prior to that date will still fall under the current rules

Posted by Sean Bryant on February 10, 2011
Tags: Market Reports and Conditions
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