News & Events
CHANGES TO MORTGAGE LENDING
Changes to mortgage lending were announced by Jim Flaherty, Minister of Finance, this week.
-Borrowers will be required to meet the standards for a five-year fixed rate mortgage.
-The maximum amount that Canadians can withdraw when refinancing their mortgages will be lowered from 95 per cent to 90 per cent of the value of their homes.
-Minimum 20 per cent down payment for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
Changes will take effect on April 19, 2010.
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Stay tuned for this years upcoming events!