Changes To Mortgage Insurance Rules!
The Federal Finance Minister Jim Flaherty recently announced some changes to mortgage insurance rules which will come into affect on April 19, 2010.
- All borrowers must meet the standards for a 5 year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term
- The maximum amount one can withdrawl in refinancing their mortgage will be reduced to 90% from 95% of the value of their home
- Non-owner occupied properties will require a minimum down payment of 25%
It appears that these changes precautionary to insure that our economy continues to recover. For more information please see the following article. http://www.theglobeandmail.com/report-on-business/economy/jim-flaherty-tightens-mortgage-rules/article1469432/
February 25th, 2010 | No Comments »
