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

Sean Bryant

Sean Bryant

Broker of Record
CENTURY 21 Professional Group Inc., Brokerage*
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