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New mortgage rules Vancouver july 9th 2012

June 21, 2012

Filed under: Mortgage Financing,Vancouver — Richard Morrison @ 11:10 am

The Federal Government has announced four new clamp downs on mortgage financing effective Monday, July 9th, 2012. These changes include:   1. Reducing the maximum amortization period to 25 years from 30 years 2. Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85% 3. Limiting the availability of government-backed mortgages to homes with a purchase price of less than $1 million 4. Fixing the maximum gross debt service […]