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New Mortgage Rules now effective for Canada – March 18, 2011 – Vancouver real estate

January 17, 2011

Filed under: Mortgage Financing,Vancouver — Richard Morrison @ 2:07 pm
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Hello all!

Hope you’re having a great start to the week! Just in case you know someone thinking of purchasing or refinancing your Vancouver home, I thought you might be interested in knowing about today’s announcement regarding changes to mortgage qualifications.

Effective March 18, 2011:

1.A 30-year maximum amortization on insured mortgages (down payment of less than 20% )
2.An 85% Loan to Value limit on insured refinances
3.Elimination of government insurance on secured lines of credit (aka., HELOCs)

Flaherty says these regulations are meant to (encourage) hard-working Canadian & Vancouver home families to save by investing in their homes and future.

The full press release is available at: www.fin.gc.ca/n11/11-003-eng.asp

If you have any questions regarding home financing, please don’t hesitate to contact me. I’m here to help.

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