As you may have heard The Finance Minister announced yesterday that changes have been made to the mortgage industry, these changes will come into affect March 18th, 2011.
These changes are as follows:
1. You can now only borrow up to 85% of the value of your home as a maximum for an insured mortgage with CMHC/Canada Guarantee or Genworth.
2. You can only take a maximum amortization of 30 years ( this means your minimum payment could now be higher).
We are already seeing after only one day of this announcement that some lenders have already made the changes and are using the new rules NOW.
Please do not hesitate or procrastinate if you were thinking of re-financing or if your mortgage is up for re-newal within the next 12 – 18 months. The time is NOW to call me…… Take advantage of the still low interest rates, consolidate those after Christmas credit cards or lines of credit.