Steve Baldwin

REALTOR®

Working with you EVERY Step of the Way! 

Cell: 604.317.7810 |

Categories

June Mortgage Rules Update

 
New Mortgage Rules   
 
On June 21, 2012 the Government of Canada announced new rules regarding government-backed insured mortgages. These new rules only apply to mortgages with less than 20% down payment. 
Here is a summary of the new mortgage rules:
  • Reduce the maximum amortization period to 25 years from 30 years. This will reduce the total interest payments made on your mortgage, helping you build up equity in your home more quickly and pay off your mortgage sooner.
  • Lower the maximum amount Canadians can borrow when refinancing to 80 percent from 85 percent of the value of their homes
  • Fix the maximum GDS to 39% and TDS to 44% when qualifying for a mortgage
  • Properties purchased at over 1 million dollars are no longer eligible for mortgage insurance
Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.