New Rules Governing Canada Back Mortgage Insurance
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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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