New Mortgage Rules Announcement
This morning,
Federal Finance Minister Jim Flaherty announced prudent changes to
mortgage insurance rules intended to come into force on April 19, 2010.
CAAMP was actively engaged in the discussions around these changes which
are as follows:
CAAMP will continue to monitor developments including transition rules.
For additional details on the changes--click here
- All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
- The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
- Non-owner occupied properties will require a minimum down payment of 20%.
CAAMP will continue to monitor developments including transition rules.
For additional details on the changes--click here