As of April 19th, 2010 the federal government will be implementing new rules on government backed insured mortgages (mortgages less than 20% down on the price of the home)
In a nutshell here is how it will effect you…
– All borrowers must qualify for a 5 yr fixed rate mortgage no matter what terms and rate are actually agreed upon.
– Government insured mortgages can be refinanced up to 90% ( rather than the previous 95%) of the value of the home.
– All government back mortgages on investment properties which are not occupied by the owner must have a down payment of 20%. Owner occupied residential properties will still have access to the 5% down program.
Contact me if you are looking to purchase a Toronto condo or Toronto home.