Bob Sethi, B.Comm | 604.273.2828

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New Mortgage rules coming!

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Posted in buying selling investing mortgage home equity loan loan to value ratio

New, tighter mortgage rules coming!

 

The Goverment of Canada has announced new, tighter mortgage rules effective March 18, 2011 with the goal of keeping Canadians out of unmanageable debt http://www.ctv.ca/CTVNews/Canada/20110117/flaherty-mortgage-rules-110117/.

 

New mortgage rules include:
  1. 35-year mortgage amortization period reduced to 30-years maximum;
  2. 90% mortgage loan to home value reduced to 85%; and
  3. Home equity loans no longer backed by the goverment.
 
The above changes are meant to encourage more Canadians to secure their financial position before buying and limit extra secured loans to home improvement projects. 
 
If you would like to purchase a home or investment property under the current rules, or want to know how this will affect your home equity loan, give me a call at 604-273-2828 or email bob@bobsethi.com.
 

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Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

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