New Rules Governing Canada Back Mortgage Insurance

Posted by | February 17, 2010 | Mortgages | No Comments

New Rules Governing Canada Back Mortgage Insurance

This morning, Federal Finance Minister, Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010.

  • Consumers will have to qualify on 5 year Rates regardless of the actual term and rate consumers chose.
  • Maximum loan to value on refinance has been reduced to 90% from its current 95%.
  • Maximum loan of value on non owner occupied properties reduced to 80%.

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