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9 Feb

New Mortgage Rules Effective March 18, 2011

General

Posted by: Kimberly and Cindy Walker

Did you know effective March 18, 2011

 

–         The maximum amortization period will be reduced from 35yrs to 30yrs for new insured mortgages with loan-to-value ratio’s of more than 80%

–         The maximum amount that applicants can borrow when refinancing will be reduced from 90% to 85% of the value of their home

 

Now may be the time for those clients to look at consolidating their debts or taking out equity for home improvements ie: new kitchen, new bathroom or perhaps roof….