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Lindsay Oulette
ROYAL LEPAGE NORALTA REAL ESTATE
202 Main Street, Spruce Grove, Alberta
P: 780-962-4950
F: 780-962-8019
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Monday, January 17, 2011 - NEW MORTGAGE RULES FOR CANADA

The new measures effective March 18, 2011:

 

•Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.


Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.


Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.
 

posted in General at Mon, 17 Jan 2011 09:34:23 -0700



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