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%.