Mortgage Rules- Changes coming this March
January 19th, 2011
The Minister of Finance announced earlier this week of changes to mortgage rules to take effect as soon as March 18th. New Rule: The maximum amortization for all high ratio mortgages (less than 20% down payment) will be 30 years down from 35 years. What does this mean? On a $100,000 mortgage at current 5-year fixed rates this means an increase of monthly payments of $34. Another way to lo ...