Tuesday February 16, 2010
The Canadian Government is taking steps to tighten mortgage rules in a pre-emptive step to prevent Canadians from landing in hot financial water when interest rates start to rise.
Some of the key features of the changes include:
- All borrowers will have to met stiffer criteria
- To qualify for an insured mortgage, applications will have to meet standards of a 5 year-fixed rate mortgage (previously 3 year-fixed rate)
- An increase down payment of 20% for those suspected of purchasing a home for investment/rental purposes
- Decrease on the amount home buyers can borrow against their houses to 90% (previously 95%)
These changes are to come into effect on April 19, 2010
Further reading:
Sources: The Canadian Press
Last update: February 16, 2010
Green Design-Build
With more than 30 years of combined experience, we offer a wide range of integrated services from general contracting, design and space planning, to engineering, construction and city approvals.
Save Money On Toilet Paper
The Loo Loo, our new and unique product, will save you money and help the environment.
Canada Real Estate Agents
U.S. Real Estage Agents
Would you like a listing in our Free real estate agent directory? Details
Alberta | British Columbia | Manitoba | New Brunswick | Newfoundland and Labrador | Northwest Territories | Nova Scotia | Nunavut | Ontario | Prince Edward Island | Quebec | Saskatchewan | Yukon |
Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Deleware | Florida | Georgia | Hawaii | Idaho | Illinois | Indianna | Iowa | Kansas | Kentucky | Louisianna | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming |
ExecSheets Light - Free Real Estate Listing Service
Home PageSample Listing
Create Free Account
Client Login
FAQ
Financial Tools
Real Estate & Financial NewsImprove your credit score
Canadian Mortgage Rates
U.S. Mortgage Rates (Coming Soon)
Site Map | Payment & Refund Policy | Website Terms of Use | Privacy Policy
Copyright ExecSheets Troy Roland Media 2010
Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice.