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Steve Sedgwick
Royal Lepage Noralta Real Estate
3018 Calgary Trail, Edmonton, Alberta
P: 780-431-5600
F: 780- 431-5624

Monday, January 17, 2011 - Federal Government Makes Changes to Mortgage Insurance Rules

This morning, Federal Finance Minister Jim Flaherty announced changes to mortgage insurance rules intended to ensure the stability of Canada's housing market.

These measures include:
• Amortization period capped at 30 years
• Reduction of government backing for home equity lines of credit
• Maximum refinancing reduced to 85% from 90% LTV (Loan To Value)   

There was a reasonably detailed account of these changes published in the Globe & Mail. Click HERE to read the article.

These changes do not affect the vast majority of home buyers as the difference in qualifying for a 30 year mortgage versus a 35 year mortgage is very small. Most lenders had already implemented a 30 year maximum in their qualification criteria but were still allowing a 35 year mortgage if the buyer chose.

posted in News at Mon, 17 Jan 2011 11:19:52 -0700

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