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July 2012 Canadian Mortgage Rules! 25 Year Amortizations for Insured Mortgages Only & CMHC Insurance for Homes over a Million Gone!

New Canadian Mortgage Rules Come Into Effect July 9 2012 Federal Finance Minister Jim Flaherty recently announced major changes to Canada mortgage lending rules. This move continues the theme of the 2011 mortgage rule changes were the Federal Government does a focused cooling of the housing market without resorting to raising interest rates which would have a negative impact on the overall economy. What are the Changes in Canada's Mortgage Rules? The four major changes effective July 9, 2012 are as follows: 1) 25 Year Amortizations Only for Insured Mortgages - CMHC will no longer insure mortgages with an amortization longer…

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March 18 Mortgage Changes & Vancouver Real Estate 2 of 3 Maximum Refinancing Reduced to 85% Loan To Value

March 18, 2011 Department of Finance Mortgage Changes Part 2 of 3 - Reduced Refinancing Maximum Loan to Value In January 2011, Canada's Department of Finance announced a series of changes to the lending rules for Mortgages that will come into effect in on March 18, 2011 and April 13, 2011. In part 1 of 3, Jessi Johnson and I discussed how the new rules shortened the maximum amortization from 35 years to 30 years for high ratio mortgages. In part 2 of this series Jessi Johnson will explain the changes to the refinancing rules. Call in Jessi Johnson, Mortgage…

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