Federal Government Announces Changes to Mortgage Qualification

Finance Minister Jim Flaherty announced on Monday January 17, 2011 that the Federal Government will be making the following changes to mortgage lending rules:
• Reduce amortization of mortgages from 35 to 30 yearson insured mortgages;
• Maximum borrowing limit from 90% to 85% on refinances;
• No longer insuring Home Equity Lines of Credit.
The first of these changes are to become effective on March 18, 2011 for amortization and refinancing rules and the Home Equity Line of Credit to take effect on April 18, 2011.

To learn about how these changes will affect Canadian homeowners, call Alberta Mortgage at 780-479-2222 or visit www.albertamortgagecentre.com.

Alberta Mortgage's Weekly Rate Update

For the most part, rates have held steady this week. Look for some movement in the coming weeks as market activity picks up.


Mortgage Term Rate

variable rate Prime - 0.80%
1 year closed 2.54
2 year closed 3.15
3 year closed 3.19
4 year closed 3.69
5 year closed 3.74

All rates are subject to qualification criteria and lender availability. Rates may change without notice.

For more information about mortgage rates, visit www.albertamortgagecentre.com today.