RSS

New Mortgage Rules go Into Effect Today!

ATTENTION Canadians


New mortgage rules go into effect today! Changes to amortization, debt ratio, HELOC's and more....

 

"Starting Monday, lenders can only issue home equity loans up to a maximum of 80% of a property’s value — down from 85%.

 

The maximum amortization period also drops to 25 years from 30 years — giving borrowers less time to repay the debt in full.

 

In addition, the federal government is capping the maximum debt ratios for households and limiting government insurance to mortgages on homes with a purchase price of less than $1-million."

 

Read more: 

 

http://www.canada.com/business/Mortgage+rules+change+today+about+half+Canadians+know/6904887/story.html

 

http://www.cbc.ca/news/canada/british-columbia/story/2012/07/06/bc-mortgage-deadline.html

 

Comments:

No comments

Post Your Comment:

Your email will not be published
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.