residential mortgages

Residential Mortgage Rules Change – finally!

Recently the Government of Canada announced changes to the mortgage lending rules including:

– Maximum amortization for a mortgage is 30 years (down from 40 and 35)
– Refinancing a mortgage is limited to 85% of the property value (down from 90% and 95%)
– Lines of credit will no longer be insured by CMHC (this means that a bank will still provide a line of credit that will be limited to a maximum of 80% of the value of a property) Continue reading