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SUJAN SHAN
BROKER [B.Eng]

RE/MAX Crossroads Realty Inc.
Brokerage
Independently owned and operated.

New Mortgage Rules:

February 16, 2010

New Mortgage Rules to Hit the market:

Will this going to effect the first time home buyers? the rule will be effect April 19, 2010

Rule 1: All borrowers will need to meet standards for 5-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower rate and shorter term.

 

Rule 2: Maximum amount Canadians can withdraw when refinancing to 90 per cent of the value of their homes, from the current 95 per cent.

 

Rule 3: Requiring a 20 per cent down payment for government-backed mortgage insurance on “speculative” investment properties.


Tagged with: mortgage rules cmhc first time home buyers
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