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Goodbye 30 yr Amortization


Blog by Marites Kliem PREC* | June 21st, 2012


Mortgage rules have tightened up again. 

As you may have already heard, the government announced today that mortgage rules will be changing. New rules will be taking into effect July 09, 2012. I have attached a link from today’s announcement and have summarized the three major changes. Here are the changes:

  1. Maximum amortization is now 25 years (from 30 years)
  2. Mortgage refinances are now limited to 80% of the value of the property (from 85%)
  3. Property Values over $1,000,000 do not qualify for mortgage insurance. You must have 20% down
Read More here:
http://www.vancouversun.com/business/Flaherty+announce+tighter+mortgage+rules/6817957/story.html#ixzz1yRSHp08Q