Sunday, January 30, 2011

Rules of MORTGAGE

New Mortgage Rules…

Concern over rising consumer debt levels is prompting Ottawa to make three new changes to Canada’s mortgage rules.

Finance Minister Jim Flaherty announced on Jan.17 that three new federal rules will come into effect March 18, 2011.

Reduce the maximum amortization period to 30 years from 35 years for government-backed insured mortgages with loan-to-value ratios of more than 80%.

CLICK HERE for the etnire story from The Edmonton Sun

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