Trenton / Quinte Homefinder Real Estate Blog<a href="http://www.quintehomefinder.com">Rick Preisinger, Sales Representative REMAX Trent Valley Realty Ltd / BROKERAGE, 447 Click here to access full site of real estate information and listings</a>http://www.quintehomefinder.com/blogs/rick_preisinger_sales_representative/atom.aspxCommunity Server2010-02-17T10:59:00ZNew Rules Governing Canadian Mortgageshttp://www.quintehomefinder.com/blogs/rick_preisinger_sales_representative/archive/2010/02/17/new-rules-governing-canadian-mortgages.aspx2010-02-17T15:59:00Z2010-02-17T15:59:00Z<p> </p><p>16 February 2010 - Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come in effect on 19 April 2010 <br /></p><p><span>1.
All borrowers must meet the standards for a five-year fixed
rate mortgage even if they choose a mortgage with a lower interest rate and
shorter term;</span></p>
<p><span>2.
The maximum amount one can withdraw in refinancing their
mortgage will be reduced to 90% from the current 95% of the value of one's
home;</span></p>
<p><span>3.
Non-owner occupied properties will require a minimum down
payment of 20%.</span></p>
<p><span>There
were no changes to down payment requirements or length of amortizations for
owner-occupied residences.</span></p><img src="http://www.quintehomefinder.com/aggbug.aspx?PostID=619346" width="1" height="1">23903http://www.quintehomefinder.com/members/23903.aspx