MORTGAGE INSURANCE RULES ANNOUNCEMENT
This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. CAAMP was actively engaged in the discussions around these changes which are as follows:
There were no changes to down payment requirements or length of amortizations for owner-occupied residences.
- All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
- The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
- Non-owner occupied properties will require a minimum down payment of 20%.
CAAMP will continue to monitor developments including transition rules.
For additional details on the changes - click here
You are subscribed to this newsletter as you are listed on our distribution list. Please click here to modify your language preferences or to unsubscribe from any future mailings. We will respect all unsubscribe requests.
Canadian Mortgages, Insurance, Investment, Tax Planning
CRA Media Room
Revenu Québec - Tax News
XE Forex News
Canadian Mortgage Broker news
Tuesday, February 16, 2010
Posted by Daniel Katev at 12:03 PM