New Mortgage Rules
Whistler Real Estate Co Ltd, #137- 4370 Lorimer Road, Whistler, BC V0N 1B4
Just want to make sure everyone is aware of the new mortgage rules that come into effect in March and April.
Mortgages with amortization periods longer than 30 years will no longer qualify for high ratio mortgage insurance. Meaning for anyone putting down less than 20% on their purchase they will qualify for a maximum 30 year amortization. This change comes into effect on March 18th.
Also on March 18th the maximum amount Canadians can borrow against the value of their existing homes will be reduced from 90% to 85% when they look at refinancing.
The final change is that the Federal Government will no longer insure home equity lines of credit or HELOCs. This change comes into effect on April 18th.
Eileen Craig
Mortgage Broker / AMP