Uxbridge Real Estate - Mortgage News
Federal Finance Minister Jim Flaherty yesterday announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010:
- 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%.
- There were no changes to down payment requirements or length of amortizations for owner-occupied residences.
These changes are seen by some as an indicator that interest rates will soon be going up. The changes being implemented will help reduce the risk of homeowners who qualify under existing rules with low floating interest rates getting into difficulty as the rates begin to rise.
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Kathy Clulow Sales Representative RE/MAX All-Stars Realty Inc.. Brokerage 905.852.6143
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Kathy,
I just posted on this as well after reading about it in a newsletter from a mortgage rep....I'm glad to see no changes to the downpayment or amortization for owner-occupieds.
Jo
Jo - Brian posted it yesterday as well