Changes to Mortgages

By
Real Estate Agent with Century 21 Foothills Real Estate Ltd.

A good time to take advantage of revenue properties for sale.

The following is part of a newsletter from a local mortgage broker:

MORTGAGE INSURANCE RULES ANNOUNCEMENT

This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. CAAMP was actively engaged in the discussions around these changes which are as follows:
All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
Non-owner occupied properties will require a minimum down payment of 20%.
There were no changes to down payment requirements or length of amortizations for owner-occupied residences.

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Topic:
Lending / Financial
Location:
Alberta South Lethbridge
Tags:
changes to mortgage
mortgage insurance
insurance announcement
mortgage broker

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