Monday, January 17, 2011 Mortgage Financing Rules

The Federal Government has implemented the following changes beginning March 18th, 2011:

  1. Maximum amortization period is now 30 years, previously 35 years
  2. Home Equity Loan max'd at 85% home value, previously 90%
  3. Government will no longer insure lines of credit secured on homes as if they were mortgages.
That's the skinny.

For more details see reports from CP24 and The Globe & Mail.

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