This is the title that many newspapers are posted since February 16 ..... Mr. Flaherty has introduced new rules on mortgage particularly as regards the qualification criteria for those who are obliged to ensure their borrowing by CMHC (Canada Mortgage and Housing).
Regarding the qualification for the loan, borrowers must necessarily be qualified for a fixed rate based on a term of 5 years even if they decide to opt for a lower rate.
Refinancing: Banks need to lower the maximum loan amount, 95% to 90% of property value.
Government mortgage insurance: This new restriction is aimed at buyers of real estate speculation purposes. Borrowers who wish to avail of the government mortgage insurance for properties not occupied by owners will be forced to a downpayment of 20% .
Your opinion is important than you think bit about these new rules on mortgage?
Sunday, February 28, 2010
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