Buying a new home or refinancing/renewing your current mortgage, it would be a wise move to act before July 9th!

If you’re considering buying a new home or refinancing/renewing your current mortgage, it would be a wise move to act before July 9th!

The Federal Government announced this morning four new clampdowns on insured mortgages effective Monday, July 9th, 2012.

These changes include:

  • Reducing the maximum amortization period to 25 years from 30 years
  • Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85%
  • Limiting the availability of government-backed mortgages to homes with a purchase price of less than $1 million
  • Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44%

These rules are a “judgment call” says Flaherty. They’re meant to “lower risk” for taxpayers and curb excessive household debt, which is Canada’s biggest economic risk.

 

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