New Mortgage Requirements
The Federal Finance Minister announced three new mortgage guidelines today that apparently will take effect April 19, 2010:
1. Refinancing will be limited to a maximum 90%. You will thus need at least 10% equity in the home.
2. Variable rate mortgages [2.25% today] will need to qualify at the 5 year closed rate [3.69% today].
Non-owner occupied homes [investment properties] will now need a minimum cash down-payment of 20%.
Whether you live in Riverbend, Glastonbury, Fraser or Mill Woods, take note of these changes if your mortgage is close to renewal!
