A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

New Mortgage Rules Now Official

Effective March 18, 2011, it will become harder to buy a new home or consolidate debt into your mortgage.

 

That's due to three new changes announced today by Finance Minister Jim Flaherty:
  1. A 30-year maximum amortization on insured mortgages over 80% LTV
  2. An 85% LTV limit on insured refinances
  3. Elimination of government insurance on secured lines of credit (aka HELOCs)
Flaherty says these regulations are meant to "(encourage) hard-working Canadian families to save by investing in their homes and future."

 

Here is the full press release.
Comments:
No comments

Post Your Comment:

Blogs
Posts By Date
Categories
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.