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