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.
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