You’ve probably read about the new regulations for Canadian Mortgages for buyers/ investors and home owners wanting to re-finance. In case you haven’t been following, here is the scoop.
Three changes will come in effect on April 19:
- Qualification: All borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they’re seeking a loan with a lower rate and shorter term.
- Refinancing: The government is lowering the maximum amount Canadians can withdraw when refinancing a home to 90% of its value, from the current 95%.
- Speculation: It will be required a 20% down payment for government-backed mortgage insurance on “speculative” investment properties. As opposed to 5% down-payment for investments not occupied by the owner.
You can also check out The Canadian Mortgage Trends for additional important information regarding Canadian mortgages and what's happening. http://www.canadianmortgagetrends.com/
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